Wolverhampton Wanderers are looking to mark their return to the Premier League by splashing £35 million on Valencia full-back Joao Cancelo, according to Sky Sports.

Nuno Espirito Santo’s men – who ran away with the Championship title, last campaign – enjoy a close relationship with the defender’s super-agent Jorge Mendes and could use that to their advantage as they seek to bring the defender to the club.

Cancelo, who progressed through the youth ranks at Portuguese giants Benfica, spent last term on loan at Italian outfit Internazionale, where the full-back made 28 appearances in all competitions to help the Nerazzurri secure a spot in the Champions League playoffs.

It is understood that Wolves have already held talks with Valencia over the transfer of the full-back, as they look to strengthen their squad significantly ahead of their return to the top flight.

A full Portugal international, Cancelo has represented his country on seven occasions, however, his performances at the San Siro were not enough to convince manager Fernando Santos to select the 24-year-old for this summer’s World Cup in Russia.

Should Wolves complete the signing of the former Benfica man, the £35 million move would comfortably break the club’s current record transfer for the £15.8 million spent last summer to sign Ruben Neves from Porto.

The Molineux Stadium outfit have been busy in the transfer market in the past few days. Just last week, Wolves completed the £12.5 million signing of forward Benik Afobe from Premier League side Bournemouth, although recent speculation suggests that the former Arsenal man could leave the club for recently-relegated Stoke City.

Besides the powerful forward, Wolves have also added defender Willy Boly to their ranks, signing the 27-year-old on a free transfer from Porto.

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