The former Celtic trainee has enjoyed loan spells with Dundee United and Southend and last season made five league appearances for Wanderers. He has also been linked with a permanent move to Southend.

"We are still talking to Wolves with regards to Charlie Mulgrew," said Malpas.

"We have put in a bid and Wolves have come back with what they are looking for. I don't think we are too far apart in terms of valuation, it is just how it is achieved.

"Once we have the go ahead from the club then hopefully we can speak to the player, which is the next hurdle we have to overcome. I have spoken to the agent in terms of ball-park figures and haven't been blown out of the water.

"I am hopeful we can come to some agreement to get Charlie Mulgrew here. We have a structure and won't break that but if it does go through then great. If not, then we will move on to other targets."