O'Neil expected to take charge of Wolves' Premier League opener as Lopetegui leaves

Lopetegui arrived at the club's Compton Training Ground on Tuesday morning to meet with club chiefs instead of taking charge of training.

The Spaniard grew frustrated over a lack of transfer activity with just two signings made this summer and publicly voiced his displeasure.

Matt Doherty and Tom King both arrived on free transfers but Lopetegui was left bemused by the direction of the project after chairman Jeff Shi tightened the purse strings to comply with Financial Fair Play regulations.

Lopetegui saw the club recoup £91million this summer for captain Ruben Neves, Nathan Collins, Raul Jimenez and Conor Coady.

Wolves opted to avoid sacking Lopetegui due to the finances involved in a subsequent pay out.

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Therefore, due to the Spaniard's high wages, both parties agreed on a mutual parting of the ways.

"On behalf of everyone at the club I'd like to thank Julen and his staff for their dedication and hard work during their time at the football club. They were brought in with the primary aim of keeping the club in the Premier League last season, an objective which they achieved with games to spare," Wolves sporting director Matt Hobbs said.

"While our ambition had been to move into the new season together, it is public knowledge that there were differences of opinion on some key topics, and it was agreed by all parties that it would be best to part ways ahead of the new campaign.

"After a successful pre-season, full of hard work and good performances, Julen and his staff leave the squad in great shape ahead of the season opener next week, which will give his successor the best possible platform for success.

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"We wish Julen all the best and his team the best of luck for the future, and they will always be welcome at Wolves."

"I wish Wolves and everybody at the club the very best of luck for the future, and thank them for the opportunity granted at the time to take charge of this wonderful club," Lopetegui said.

"It has been an honour to enjoy this adventure in the day-to-day company of Matt Hobbs, Matt Wild, head of player care Lisa Hollis and every single employee of the club; whom I wish to thank for their support and help at every moment.

"Also, of course, I want to thank the players, who have always given the maximum to achieve our objectives, and especially the fans that made me feel like one of them from the very first moment and have always been amazing to me, my staff and my family."

Lopetegui replaced Bruno Lage as Wolves boss last November and despite becoming embroiled in a relegation battle, the Spanish tactician guided the club to a comfortable 13th-placed finish.

Former Bournemouth boss Gary O'Neil is the favourite to take the Molineux hot seat after his heroics in keeping the Cherries in the top flight last season.

His style of attacking football left a lasting impression on many last season and Wolves will announce the appointment of the 40-year-old imminently.

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And the tough fixtures come thick and fast for Wolves who face Liverpool and Brighton in their first six fixtures.

Wolves will hope to avoid a repeat of last season's start when Wolves kicked off the campaign with a five-game winless run.