Wolves are set to open talks on a new contract for manager Gary O’Neil at the end of the season.
The 40-year-old was appointed only five days before Wolves’ opening game at Manchester United after Julen Lopetegui left Molineux in frustration at the recruitment policy.
Ex-Bournemouth boss O’Neil has taken Wolves into the top half of the table and the FA Cup quarter-finals.
The club now want to improve the three-year deal O’Neil signed in the summer.
“That’s naturally where this is going, he’s done well enough to have that conversation,” said Wolves sporting director Matt Hobbs.
“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.
“Gary is unbelievably meticulous. His attention to detail and work ethic is incredible.
“I saw him linked to the England job. I get it. Other clubs should be looking at him. When we met him, we thought there might be something special about him.”
Wolves’ accounts for 2022-23, filed last week, showed losses of £67.2m on top of the previous financial year’s loss of £46.1m. Clubs can lose a maximum of £105m over a rolling three-season period before facing sanctions.
Hobbs says Wolves are “not in a position where we have to sell” and that he does not want to “sell more than two starters”.
He added: “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’re always looking to improve and we have the ability to turn down big offers, but every player has their number as well.”
Hobbs says he wants Wolves to be “self-sustainable” on the pitch so that any investment from owners Fosun can go into the stadium or training ground.
“Gary came knowing exactly what the situation was,” said Hobbs.
“I expect him to push. It is human nature to say ‘we are doing well, come on, give me something’. I am thinking ‘he has done a good job, I would like to give him something’.
“But then you end up back in the cycle. You have to be honest and stick to it.”
Wolves avoided a Premier League charge for this year’s accounts and believe they will do so again for their 2023-24 accounts.
However, Everton and Nottingham Forest both face hearings this month, with Everton having already been deducted six points on appeal for a separate spending breach.
“I have to put faith in the Premier League that they will manage what they need to manage,” Hobbs added.
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