Respected Spanish journalist Guillem Balague has said that former Porto boss Julen Lopetegui is still awaiting the completion of a potential takeover of Wolverhampton Wanderers.

Since the start of the month, rumours have intensified of the Championship outfit being purchased by Chinese businessman Robin Li, and Balague has said on several occasions that Lopetegui will be named as the club's new manager should Li successfully replace current owner Steve Morgan.

It has also been suggested that Li is nearing a deal for Italian giants AC Milan, but Balague has indicated that both clubs are being targeted by Li.

Lopetegui has also been linked with the Spain job but Balague has insisted on social media that the 49-year-old is not in the running to replace Vicente del Bosque.

Wolves have previously played down talk of a takeover being imminent but it has been reported in Spain that the sale could be completed by the end of the week.