Molineux could be redeveloped into a stadium with a capacity of around 40,000, it was revealed today.

Wolves want to transform the city centre ground into a venue fit for Premiership football.

The plans are expected to include adding another tier to either the South Bank or North Bank stands as well as filling in the corners of the ground.

The club’s millionaire owner Steve Morgan today said he is “considering everything” as the club looks into expansion plans.

But he insisted moving away from the club’s city centre home is not on the agenda. The club is anxious not to set a timetable for the redevelopment but Mr Morgan today revealed he has commissioned specialist teams to look into all options.

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Molineux could be redeveloped into a stadium with a capacity of around 40,000, it was revealed today.

Wolves want to transform the city centre ground into a venue fit for Premiership football.

The plans are expected to include adding another tier to either the South Bank or North Bank stands as well as filling in the corners of the ground.

The club’s millionaire owner Steve Morgan today said he is “considering everything” as the club looks into expansion plans.

But he insisted moving away from the club’s city centre home is not on the agenda. The club is anxious not to set a timetable for the redevelopment but Mr Morgan today revealed he has commissioned specialist teams to look into all options.

The scale and speed of the expansion plans will depend on if and when Wolves make it into the Premiership.

“We’re just looking at one or two possibilities,” Mr Morgan said.

“Clearly from a business perspective if we got into the Premiership the current stadium would be too small.

“We do need to be looking into options at the moment but it’s not a story of ‘plans for new stadium’ because we’re a long, long way from that.”

Transforming or moving the corporate boxes is another possibility as Mr Morgan looks to maximise the club’s business opportunities.

He said: “It is not next week, not next month, it’s in the very early days. But it would be remiss of us if we didn’t consider everything.”

Property developer Mr Morgan made his fortune from setting up property development company Redrow and has taken a keen interest in stadium issues since taking control in August.

If the club did press ahead with plans to renovate Molineux it would be the first stadium revamp since Sir Jack Hayward took over back in 1990 and transformed the ground into today’s 28,500 all-seater venue.

After the John Ireland Stand – now renamed after Steve Bull – was built in 1979, Sir Jack was the driving force behind completing the ground and in 1992 he erected the Stan Cullis Stand on the site of the North Bank.

That was followed by the Jack Harris stand and the main Billy Wright stand.