The Football Association has reportedly given the green light to Chinese billionaire Robin Li's takeover of Championship side Wolverhampton Wanderers.

According to reports on social media, paperwork on the deal - which will see Li buy out current owner Steve Morgan for a figure believed to be between £40m and £60m - was completed on Monday afternoon.

The club is said to be planning to formally announce the takeover on Tuesday, 10 months after Morgan decided to put the side up for sale.

Li's estimated fortune of £10.6 billion would make Wolves the English side with the second wealthiest full owner, behind only Premier League heavyweights Manchester City.

Rumours have suggested that Li's first act as owner will be to replace manager Kenny Jackett with former Porto boss Julen Lopetegui.