Julen Lopetegui issues Wolves transfer update that will alert Newcastle United and West Ham

The latest Premier League transfer news with a development at Wolves in the race for Newcastle United and West Ham target, Alex Scott.

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Julen Lopetegui has admitted Wolverhampton Wanderers may no longer be able to make any significant signings in the summer transfer window due to monetary troubles.

It has become public knowledge over recent months that Wolves are in a tricky situation with Financial Fair Play but transfers of some nature were still expected.

Now, however, it appears the circumstances have worsened as Lopetegui, in an interview with Spanish journalist Guillem Balague, has updated fans on the tricky job he faces.

“I came here with a project and an idea to be able to save the team and be able to improve...[but] it was bad news for me,” Lopetegui told Balague.

“I tried in the summer and this was Plan A. We went to Plan B, trying to think about cost-effective players, but it’s true we can’t develop this plan, too.

“We lost lots of players and we think the club want to sell more. In this situation, we need players to balance the squad and to be competitive in the Premier League.

“I know the sporting director, Matt Hobbs, and the recruitment team have worked very hard to have a Plan A and a Plan B, but unfortunately we can’t develop these plans.

“We were excited by this new plan but now we don’t have this plan. It is not just for me but the sporting director also, a big disappointment,” Lopetegui continued.

These words have placed a move for Bristol City star Alex Scott - and deals for any other big-money targets - in serious doubt, while rivals in various races have been buoyed.

In the case of Scott, for example, Newcastle United, AFC Bournemouth, West Ham United and Brighton & Hove Albion now have one less club to compete with.

It awaits to be seen whether the imminent sale of Daniel Podence will boost Wanderers’ bank balance enough to bring in Scott. For now, though, patience is required.