The Black Country outfit have enjoyed a stunning first half to the Championship season and, with 20 games gone, currently lead third-placed Reading by 13 points - although Steve Coppell's side have a game in hand.

But Moxey has rubbished speculation McCarthy is set to be handed a transfer war chest in order to secure the club's promotion to the Premier League.

He told Wolves' official website: "This is just another case of a headline-grabbing tabloid report. Our position has always remained the same.

"If the manager feels we need to strengthen the team and the right player is available at the right price, and that player fits our recruitment policies, then we will consider it.

"However, there is no big pot of money set aside for January transfers. It's a case of business as usual and we won't allow ourselves to be distracted from our very clear strategy by sensationalistic headlines."