Wolves have accepted a reduced offer worth £48m for striker Jorgen Strand Larsen from Crystal Palace. Last week, the two clubs reached an agreement in principle over a £50m deal for the Norway international to move to Selhurst Park.

All that was left was for Palace to submit a written offer - and provided the bid was of the value discussed, Wolves would have accepted. However, as BBC Sport revealed, the offer never arrived as Palace communicated their intention to walk away from the deal, which put the transfer in jeopardy.

Sources claim that Palace's decision to pause final talks was down to reservations over the total cost of the deal, not concerns over the player. The impasse in recent days has placed further doubt on the deal.

But with a little over 24 hours to go until the transfer window closes, Palace have now had a new offer worth £43m plus an additional £5m in bonuses accepted for the 25-year-old - a deal worth £2m less than their original verbal offer.

The Strand Larsen deal is now expected to accelerate Jean-Philippe Mateta's move to AC Milan. Mateta, 28, wants to leave Selhurst Park for the Italian side but Palace have been unwilling to let the France international go without a replacement.

But with Strand Larsen now set to join Palace, sources are indicating that Mateta's protracted move to the San Siro will now gather pace. Palace are open to selling Mateta this month provided they recoup a fee of between £35million and £40million.

It remains to be seen whether Milan make a formal offer close to the fee Palace are looking for, with sources indicating the Serie A side want to pay closer to £30million plus add-ons. Nottingham Forest saw a £35million bid for Mateta rejected by Palace last weekend but the striker has made it clear he wants to join Milan.

Asked about Palace's transfer business after the 1-1 draw at Forest on Sunday, manager Oliver Glasner told BBC Match of the Day: "I expect either Mateta or someone else here as a striker. "Everybody is really working very hard, but it is so close to the end of the window, so it makes it more difficult. I always try to be positive, so I hope. "Worst case, we sell Mateta and no-one comes in, then it's not a good window for Palace."

Wolves, meanwhile, are moving to replace Strand Larsen and are close to reaching a deal for Southampton striker Adam Armstrong for an initial £7m. There is growing confidence the move will be done as Wolves prepare for their expected relegation to the Championship.

The 28-year-old has 11 goals for Saints in the Championship this season and has 43 goals for the club since joining from Blackburn in 2021.