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Wolves will discuss a new contract with Gary O’Neil in the summer.

O’Neil has done an impressive job at Molineux after taking over on the eve of the campaign when Julen Lopetugui walked out of the club due to the financial constraints he would have to work with.

A relegation battle looked on the cards, but instead, O’Neil has put them in the hunt for a top-six finish in the Premier League and reached the FA Cup quarter-finals.

And sporting director Matt Hobbs says that has earned him the right to discuss a new contract.

“That’s naturally where this is going, he’s done well enough to have that conversation,” Hobbs said.

“Part of the conversation will be the plan for the club and that’s where you have to have the honest conversations about what it looks like going forward.

“That is an inevitable situation we find ourselves in this summer, for sure.

“But let’s not talk about it at the moment, let’s keep an eye on what we’re trying to do. We want to finish the season well and have the FA Cup to look forward to.

Wolves sporting director Matt Hobbs
Wolves sporting director Matt Hobbs (Mike Egerton/PA)

“We have more to play for with the league and the squad drive that a lot.”

Wolves have reported heavy losses but have not broken the Premier League’s profit and sustainability rules (PSR).

Despite the troubling financial situation, Hobbs says there will not be a firesale in the summer, but concedes one high-profile departure is likely.

“We’re not in a position where we have to sell,” he added.

“Realistically, for me, we don’t want to sell more than two starters.

“But if big clubs come, I’ve never been the person to stand in someone’s way as long as we can reinvest in the right way to move forward.

“We showed with other players leaving last year that we’re able to move forward with three or four starters going.

“We’re always looking to improve and we have the ability to turn down big offers, but every player has their number as well.

“I’m not sure the same market is there now. I don’t see three or four £100million players going.

“For me, there’s no need and there’s no players itching to get away. They’ve bought into Gary and everyone’s on the same page.

“Essentially every summer I probably have to sell someone at a high value. The fewer I can sell to raise money, the stronger we will be as a club.

“Let’s say I want to raise £60m to invest in the next summer, if I can sell one to do that, that’s much better than selling two or three.”