Wolverhampton Wanderers' takeover by Chinese billionaire Robin Li will be announced later today, according to a report.

The £40m deal is thought to have been ratified by the Football Association on Monday and will see Li, whose estimated fortune is £10.6 billion, replace current owner Steve Morgan at the Championship side.

Citing sources within the club, the Wolves Blog website claims that five players will be announced at the same time as the takeover, while Julen Lopetegui is also expected to be named as replacement for manager Kenny Jackett.

Renowned agent Jorge Mendes is said to have been heavily involved in brokering the deal and has been advising head of recruitment Kevin Thelwell on transfer targets, with reports suggesting that Liverpool target Anderson Talisca could be one of the club's first signings.

The website also suggests that the Wolves board will be filled by members of Li's team, potentially spelling the end of long-running chief executive Jez Moxey's tenure.