Super agent Jorge Mendes, pictured with client Cristiano Ronaldo, is set to invest in Wolves
The proposed £40 million buy-out, backed by Jorge Mendes and Robin Li, should be completed inside the next three weeks, the report states, though the protracted nature of the deal could have already had damaging consequences.
Wolves, who finished 13th in last season's Championship, have so far recruited just one new face - Fulham goalkeeper Andy Lonergan. But that tally could have been as many as five, according to the Telegraph.
Andy Lonergan is Wolves' only new recruit
Left-back Jake Bidwell joined QPR instead
The Daily Mail reports that Wigan Athletic are close to signing Powell, despite claims from Hull City boss Steve Bruce on Tuesday that Wolves had won the race for his services.
Fletcher, meanwhile, joined West Ham United on Tuesday.
Ashley Fletcher, who starred on loan at Barnsley last season, looks to be staying in the Premier League