Wolves boss has £4.5m to spend

Wolves boss Mick McCarthy is busy planning how to spend a winter kitty of around £4.5million.

It's understood McCarthy was initially told he could only deal in loans but owner-chairman Steve Morgan has now relaxed the purse strings to allow him to spend significantly more than an estimated £3m, and up to £4.5m.

As reported in the Express & Star on December 5, McCarthy's main targets are a centre-back and a defensive midfielder.

Manchester City's versatile stopper Nedum Onuoha, aged 25, and Wigan enforcer Mohamed Diame, 24, are on the radar.

But McCarthy has other irons in the fire, including loans, and particularly in midfield, where he is keen on Arsenal pair Emmanuel Frimpong and Francis Coquelin, who have been given permission to go out on a temporary basis.

Premier League clubs are only able to borrow one player from a rival team, however.

And he remains a fan of Sunderland midfielder Craig Gardner, who is said to be homesick on Wearside.

City want £4m for long-term Albion target Onuoha but Wolves are only willing to pay £3m, so there will have to be negotiation on price if he is to come to Molineux.

Diame is out of contract next summer, and, with Wolves being one of Wigan's main rivals for survival, the Latics would be understandably cautious to do business with them in the coming months.

Asked if he had to finance deals from sales, McCarthy said: "No, that's not the case. Of course it (money from sales) always helps, but we're not doing it for that."

A lower priority could be a striker, with Leeds' 11-goal hitman Ross McCormack having long been on McCarthy's radar.

Asked if the possibility of Andy Keogh's sale had any bearing on his interest in the Scot, he answered mischievously:"I haven't had any interest in Ross McCormack. But that doesn't mean to say I won't go back and sign him!"