Cancelo Pulls Rug From Under Wolves £35m Bid

Portugese Player Snubs Wolves

Joao Cancelo Wolves transfer news
Image: Catherine Kortsmik

Wolverhampton Wanderers’ move for Valencia wing-back Joao Cancelo has been put on hold.

It was reported earlier this week that the Portugal international was the subject of a £35million bid from the newly-promoted Premier League side. The deal was brokered by Cancelo’s agent Jorge Mendes who has close links both to Wolves owner Fosun Group and Valencia’s Singaporean billionaire owner Peter Lim.

Cancelo spent last season on loan at Serie A side Inter Milan where he made a total of 28 league and cup appearances in Serie A and the Coppa Italia. Inter had an option to purchase the 24-year-old outright for a fixed fee of €35million (just over £30million). However, that option expired on 31 May – hence Wolves’ bid.

Inter have issues concerning Uefa’s Financial Fair Play regulations. In short: they need to sell before they can buy. Plus the club has doubts about whether €35million represents a wise investment for a full-back.

But reports from Italy claim that Cancelo has nixed Wolves’ offer. He doesn’t regard the club as important enough and he wants instead to play for a club in the Champions League. Inter snatched a late-winner at Lazio on the final day of the season to qualify for Europe’s top competition at the expense of their opponents. It will be their first season in the Champions League since 2011-12.

Financial Fair Play also affects Valencia. They need to raise cash by 30 June and they were hoping that Cancelo’s sale would see them escape sanctions by Uefa. Inter won’t be in a position to buy Cancelo until 1 July.

Calciomercato reports that Juventus are eyeing up a move of their own for Cancelo. Valencia have asked them to match Wolves’ €40million offer.

Jorge Mendes is expected to push his client for a move to Molyneux. But for now a switch back to Serie A – either to Juventus or to Inter – looks more likely.