Exclusive: Jorgen Strand Larsen agrees new Wolves contract

The striker is set to be rewarded with a new and improved deal, without a release clause, after Wolves turned down two approaches from Newcastle United in the summer.

Larsen will sign a new five-year contract until the summer of 2030, with the option to extend it by a further year.

The Magpies had bids of £50million and £55million rejected and were preparing a third bid of £60million that was never officially made.

Wolves chairman Jeff Shi adopted a hard line stance that Larsen was not for sale in the transfer window and the club turned down all of Newcastle's official advances.

Talks then opened between the club and the player's representatives early last week over a new deal on improved wages.

The Express & Star understands that deal has now been agreed and will not include a release clause.

There were negotiations over a potential release clause in the deal but Wolves were keen not to include it and a deal was struck without it.

Larsen is now set to sign the new contract with negotiations now coming to an end.

His current deal is until 2029 but will be extended until 2030, as the player also receives a bump in wages.

The Norwegian striker has missed the last two games with an Achilles issue and also pulled out of the squad for his country, but it is understood he is nearing a return.

Wolves hope he will be back in Premier League action sooner rather than later.

Larsen joined Wolves on loan from Celta Vigo last season for a loan fee of £2.5million and after scoring 14 Premier League goals, he made a £23million permanent switch this summer.