Wolves are prepared to equal their club record to bring in Roger Johnson to help with their battle with relegation next season.
Despite conceding 66 goals in their 38 Premier League games, Wolves managed to finish 17th in the final Premier League standings last season, avoiding the drop by a single point.
Manager Mick McCarthy has identified the need to sign some defensive reinforcements and has had a £7m offer accepted by Birmingham for Johnson.
Discussions had been going back and forward with Birmingham holding out for nearer £10m for the defender, but an agreement has finally been reached.
Johnson formed an effective partnership with Scott Dann at Birmingham in the past two seasons, but was unable to prevent the club’s relegation last season.
However, this has not prevented a large amount of Premier League interest in Johnson, with Chelsea, Tottenham and Blackburn all thought to be monitoring developments.
But it is Wolves who have made the first move after losing out to Leicester for former Reading defender Matt Mills.
Johnson still has to agree personal terms at Molineux, but would be a useful addition to challenge for a defensive spot with Christophe Berra, Richard Stearman and Jody Craddock.
Meanwhile, this may not be the end of their spending as they are still chasing James Tomkins from West Ham.
Birmingham also have a replacement for Johnson, having completed the free transfer signing of Steven Caldwell from Wigan.
Wolves are 2/1 in the Premier League odds to be relegated this season, while they can be backed at 4/11 to survive the drop again.
A good start to the season may prove critical for Wolves if they are to escape the drop and they kick off the campaign away at Blackburn.
Wolves are 11/4 to beat Blackburn and get some redemption for their defeat against the same opposition on the final day of last season.