Wolves’ hopes of landing Scunthorpe hotshot Billy Sharp were boosted today when Sheffield Wednesday ruled out being drawn into a bidding war for the striker.

Wolves and Wednesday are in a clutch of Championship clubs chasing the prolific 21-year-old, who fired the Iron to the League One title last season.

But Wednesday manager Brian Laws has hinted his club will withdraw from the race to sign Sharp if it degenerates into an auction, potentially removing serious rival to Wolves boss Mick McCarthy.

“If there’s a bidding war forget it, we’ll be out of it like a shot,” said Laws, who managed Sharp’s development during his time in charge at Glanford Park.”Two million pounds for a player that I know, that’s too high. At this moment in time we made an offer for him, they turned it down and that is it.

“We have to look at the player’s true, true value. Sharp is an exceptionally good player but unproven in the Championship, yet

“I believe he would do an exceptionally good job in the Championship.”

Wednesday had an initial bid of £1.5m turned down by Scunthorpe, who look set to cash in on Sharp to fund their own squad-building plans for life in the Championship.

And Laws’ comments make a significant increase in Wednesday’s offer unlikely.

Wolves and Norwich have both made initial bids, which are yet to draw formal responses from the Iron.

But the offers are believed to be similar to Wednesday’s and are likely to receive a similar answer.

That would leave the clubs mulling over improved offers, although the chase is not expected to hot up seriously until Sharp returns from holiday in two weeks.

That is when he is expected to formally reject Scunthorpe’s offer of a new contract, triggering the next phase of the race for his signature.