Wolves manager Julen Lopetgui (left) and former Bournemouth boss Gary O'NeilGary O’Neil (right) secured Premier League survival with Bournemouth last season

Wolves boss Julen Lopetegui is poised to leave the club, with former Bournemouth manager Gary O’Neil set to replace him in charge.

The club have known for sometime that Lopetegui, 56, wanted to quit Molineux before the new season started.

Talks held today over the Spaniard’s exit from the club have been amicable.

Several candidates were considered but 40-year-old O’Neil impressed the hierarchy and is set to be named Lopetegui’s replacement.

Former Spain boss Lopetegui took over in November when Wolves were bottom of the Premier League table before guiding them to safety, but the club’s financial situation led to speculation earlier this summer that he could leave.

Sporting director Matt Hobbs recently said that Lopetegui was “committed” to the Molineux side, but fresh questions about the Spaniard’s future are being raised following the publication of chairman Jeff Shi’s open letter to fans.

Shi wrote that the club’s Chinese owners, Fosun, have no intention of selling the club, which finished 13th in the Premier League last season.

However, he stressed that Wolves must be cautious with their summer spending in order to meet the Premier League’s financial fair play rules.

According to FFP rules, the club must make a profit on player trading this summer to avoid exceeding the accumulated £105m loss over a three-year period, the maximum permitted.

They sold captain Ruben Neves to Saudi Arabian side Al-Hilal for a club record £47m in June and also allowed Mexican striker Raul Jimenez join Fulham for £5m last month.

Lopetegui has struggled to recruit new signings for his squad, with the only notable incoming being Republic of Ireland full-back Matt Doherty’s return as a free agent in July.

O’Neil guided Bournemouth to Premier League safety last season with a 15th-place finish but was sacked in June and replaced by Andoni Iraola, who led Spanish side Rayo Vallecano to 11th in La Liga last season.

Wolves will play Manchester United on Monday in the opening fixture of their Premier League season.

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