Wolves are closing in on the first of two pre-deadline transfers this weekend by recruiting left-back Matt Hill from Preston.

The 27-year-old is on his way to Molineux, in a deal which should see Preston take Wolves striker Stephen Elliott to Deepdale.

With the hours ticking down to Monday’s final transfer business, the two clubs were horse trading over the valuations of each player.

It is understood they expect to have hammered out an agreement before the end of the day, leaving Wolves to focus their search on signing a central defender before Monday.

The Hill/Elliott deal makes sense for both parties, with Preston desperate for a striker and Wolves equally anxious to find a specialist left back, in the wake of this week’s worrying long-term injury for George Elokobi.

Wolves will be rescuing Hill out of his first form dip at Preston, since he joined the club from Bristol City three years ago.

He has since become something of a fans’ favourite at Preston, winning the supporters’ Player of the Year award in 2007 and producing another consistent 41-game campaign last season.

Yet injury opened the way for Callum Davidson to revive his career in Hill’s position and this season has seen the left back’s form take a dip accordingly.

Although Wolves never revealed the outlay for Elliott, it was widely thought to be in the region of £750,000, while Hill’s valuation at Preston is put at somewhere between £500,000 and £1million.

Precisely who pays how much to whom, as the players pass in opposite directions on the M6, is the subject of today’s talks.

This deal is one of three Wolves are actively discussing, with the aim of completing one more before the window slams shut.

The interest in Sunderland’s 29-year-old Danny Higginbotham is still alive and active – but likely to figure in the down-to-the-wire transfer poker game Moxey has referred to.