Wolverhampton Wanderers could 'hit the panic button' if Joao Palhinha and Matheus Nunes snub Molineux in favour of a move to Premier League rivals, according to transfer insider Dean Jones.

Palhinha and Nunes - who Transfermarkt value at £22.5million and £31.5million respectively - are being coveted by Wolves boss Bruno Lage, but he is facing stiff competition in the race for their signatures.

GiveMeSport Transfer Update With Dean Jones

What's the latest news involving Palhinha and Nunes?

Palhinha and Nunes were identified as targets prior to the 2021/22 campaign reaching its conclusion, with the Sporting duo being viewed as ideal replacements amid uncertainty over the futures of Joao Moutinho and Ruben Neves.

But newly-promoted Fulham are also interested in Palhinha and have agreed a £17million fee despite the 26-year-old entering advanced talks with Wolves.

However, Lage may have been offered a late lifeline in his pursuit of the defensive midfielder as an agent dispute between Palhinha's representative Hernan Reguera and Jorge Mendes means he has yet to sign on the dotted line.

Meanwhile, Portuguese newspaper O Jogo, via Goodison News, have revealed Everton have tabled an offer worth more than £34million for Nunes.

It is understood that Wolves have been in talks with Sporting over the 23-year-old central midfielder, with a bid in the region of £40million potentially in the pipeline.

What has Dean Jones said about Palhinha and Nunes?

Jones believes Wolves will be reeling if they are beaten to the signings of Palhinha and Nunes by Fulham and Everton respectively.

The transfer insider fears Lage would be left with no option but to head back to the drawing board.

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Jones told GIVEMESPORT: "I've got to be honest, Wolves might hit the panic button if they miss out on Palhinha to Fulham and then Nunes to someone else. Everton are coming into this conversation now.

"If they were to lose out on two transfer targets to Fulham and Everton, you do start to wonder about what market you're shopping in and where you should be turning at a moment like this.

"The end of last season wasn't good for Wolves, so they need a pick me up right now and they need morale-raising."

Why would missing out to Fulham and Everton be a big blow?

While Wolves finished the 2021/22 campaign in the top half of the Premier League standings, Everton only avoided relegation by four points.

Fulham, meanwhile, were in the Championship and secured their return to the top flight by getting their hands on the title.

Being beaten to Palhinha and Nunes by the duo would be difficult for Lage, who is preparing for his second season at the helm after being appointed last summer, to swallow.