Wolves missed out on Matt Mills after refusing to join a phoney bidding war with Leicester, it emerged today.

The 24-year-old defender signed a four-year deal with the big-spending Championship club, who agreed to pay an initial £4.3m rising to £5.5m.

Wolves’ offer to Reading for the former Doncaster defender was actually less than £3m.

So despite only two clubs chasing his signature, Leicester continued to up the bidding on the misunderstanding that the price was being cranked up by rival offers.

In fact they were only bidding against themselves for a Championship player who could have walked away for nothing when his contract expired in a year’s time.

Wages

Wolves were also unwilling to pay Mills the £25,000 to £30,000 a week wages he will be earning at Leicester.

Those wages would have put Mills – who has played less than 90 minutes in the Premier League – on more than many Wolves players who have two years’ top flight football under their belts.

And the club was unwilling to potentially risk dressing room disharmony over a player so inexperienced in the top division.

Mills was Wolves’ top target along with Roger Johnson, but the club’s hierarchy have moved on from the disappointment of missing out on another player to continue quietly working on other options behind the scenes.

Johnson, who has returned to pre-season training with Birmingham, remains on their radar.

But Blues’ £9m asking price will have to come down if Wolves are to do business.