Mick McCarthy has told Wolves fans not to panic – but admits the work he does in the transfer window could be the difference between promotion and staying in the Championship.

Molineux boss McCarthy has been forced to re-assess his options after £250,000 transfer target Alan Gow was despatched back to Glasgow because he failed his medical.

Neither the player’s camp, nor Rangers, were prepared to comment on the nature of the problem.

McCarthy has reportedly failed with a bid for QPR central defender Mikele Leigertwood, while he is also understood to want a central midfielder.

“We’ve done some good work in the January window with the signings of Michael Kightly, Michael McIndoe, Andy Keogh, Stephen Ward, Sylvan Ebanks-Blake, Dave Edwards and George Elokobi,” he said.

“We’ve done good business and we’re trying to do so again. Hopefully we will – there’s plenty of days left in January.

“We’re not in any desperate need to do it because we’ve been doing so well already. So I don’t feel any more pressure. 

“We’ve bolstered our squad and if we could do it again then great.”

But he warned: “The league is so close and maybe the work we all do in the window will be the difference – players signed or not signed.”

McCarthy has left the door open for Gow to move south – if he sorts out his “biomechanical” problem.

But he admits the loss of the 26-year-old has forced him back to the drawing board – while praising the squad that has put Wolves four points clear.

“He would have been a really good signing who would have covered us in a number of positions.”

Wolves beat the freeze to entertain Preston today.

By TIM NASH