Wolves today pulled the plug on a loan deal for Chelsea left-back Ryan Bertrand as they closed in on Matt Mills.

Bertrand is available on a season-long loan from the Stamford Bridge club – but only if clubs pay £500,000.

That was enough to persuade Wolves to look elsewhere in their search, and they could now turn their attentions back to Hearts’ Lee Wallace as they look to buy a young left-back rather than pay to take one on loan.

The 23-year-old is regarded as the best left-back in Scotland and Wolves have scouted him before.

Wallace, who has five caps for Scotland, only has a year left on his contract which means they could get their man on the cheap.

Rangers recently had a £300,000 bid rejected as ‘derisory’ for a player who has made 140 appearances for the Jambos.

Wallace made only 10 appearances last season due to a cruciate ligament injury, but has now fully recovered.

Bertrand, 21, could now go on loan to Premier League newboys Swansea.

The left-back position has been a problem for boss Mick McCarthy since before the signing and subsequent £2.5m sale of Jelle van Damme last season as he tries to add competition.

McCarthy is keen on Paul Konchesky, but, although Liverpool are desperate to offload him, the former Fulham player’s £37,000-a-week wages combined with the likely £2m fee make a deal highly unlikely.

Meanwhile, the club are inching closer to agreement in the Mills deal.

Sources claim the 24-year-old is coming to Molineux, with the former Doncaster man keen to test himself in the Premier League. But a fee still has to be agreed.

Providing that happens, personal terms shouldn’t present a hitch, leaving Mills to join his new team-mates.