Wolves chairman Steve Morgan today issued an update on ongoing efforts to strengthen the squad insisting the club remain in negotiations with several potential targets.

Steve, speaking at this morning's launch of the Morgan Foundation Awards for 2009, had already been at a breakfast meeting with boss Mick McCarthy and CEO Jez Moxey as work goes on behind the scenes to add new faces to the ranks.

With midfielder Nenad Milijas - subject to receiving a work permit - and keeper Marcus Hahnemann having already signed deals to join Wolves over the last ten days, Steve is also optimistic there are more to follow.

"I think we've got a great squad which we're in the process of adding to," said the chairman.

"We've added two so far and with the nucleus of what we already have, and with the quality of players we're hoping to bring in, I think we'll give anyone a run for their money next season.

"I was with Mick and Jez this morning and we're in negotiations with another clutch of players at this very moment in time.

"The quality of players we're talking about, added to what we already have will mean we'll give anyone a game.

"We're certainly not going in there to be cannon fodder for anyone."

Wolves are keen to compete with other clubs in terms of the targeting of players with the necessary quality to shine in the Premier League, hence the capture of experienced internationals such as Nenad and Marcus.

But at the same time Steve insists Wolves cannot afford to spend beyond the club's means, citing a desire to play at Molineux as another key motivation required from potential signings.

He added:  "Inevitably, some clubs want to pay fees and salaries that make you think they can't make it pay and the reality is they don't - and it always comes home to roost.

"But equally, we almost have a type of player coming to Wolves now.

"Mick used to call it young and hungry and I think it's more than that.

"When you look at the spirit in the club, there's a 'stick of Blackpool rock' philosophy there - snap it in half and there's gold and black running right through them (players).

"I think that's what we're trying to get into the club and I think the players we're talking to want to come to Wolves.

"I wouldn't say we're pushing the boat out - the club has got a budget that we will work to.

"But we're determined to bring quality to the club."

And Steve is confident the summer additions will stand Wolves in good stead for the big step-up next season.

"We're going into the Premier League and we're going in there to stay," he said.

"With the nucleus we've already got and the blend we'll have, I think we'll be a force next season.

 "We're in the Premier League and we want to establish ourselves in there and then kick on from there."