Wayne Hennessey completes £3m Crystal Palace move

And chief executive Jez Moxey revealed there was a Joleon Lescott-type agreement with the Wales international to allow him to move on if an acceptable bid was made by a Premier League club.

Hennessey has signed a three-and-a-half year contract with Palace after a month of speculation following on from the keeper's refusal to play at Gillingham after what's understood to be an opening bid of £500,000 was turned down.

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• Wayne Hennessey's Wolves career in pictures

The move sees Wolves recoup a major cash influx after sticking by the 27-year-old through his injury hell.

He was on a Premier League contract which had 18 months to run and hadn't played for the club since April 2012, when he ruptured cruciate knee ligaments for the first time.

Hennessey, who was the club's Player of the Season in 2006-07 and played the majority of games in the Championship-winning campaign of 2008-09, made 166 appearances for Wolves after making his debut in the play-off semi-final final against Albion in May 2007.

He also impressed in the Premier League, being linked with Manchester City, where he served in their school of excellence as a youngster.

More recently, he proved his recovery from a double ruptured cruciate knee ligament injury with a successful loan spell with Yeovil at the start of the season.

"With Wayne this season, it was a similar situation to other players in the past such as Joleon Lescott whereby if we received an acceptable offer from a Premier League club we weren't going to stand in his way," said Moxey.

"It was a case of once again proving his fitness, as he did with Yeovil, and then when the bid came in, reaching agreement with Crystal Palace."

Moxey feels Wolves can let Hennessey, who came through Wolves' academy, to leave with the succession of homegrown keepers in place.

Carl Ikeme should be fit in the next three weeks and Aaron McCarey is proving an able deputy in his place.

"We're fortunate to have some excellent goalkeepers here at Wolves, with Carl Ikeme and Aaron McCarey as the senior men and some more good young goalkeepers in behind," said Moxey.

"Wayne has been with the club for a long time since coming through the academy, and produced some excellent performances.

"Everyone at Wolves would like to thank him for his efforts for the club over so many years and wish him well for the future."

Head coach Kenny Jackett said: "The aim for Wayne this season was to get himself physically fit and prove himself again, as he did by coming through pre-season and with the loan spell at Yeovil.

"He always trained well with us and got himself back to where he wanted to be and has now got his move to the Premier League.

"We thank him for everything he's done at Wolves and wish him all the best for the future."

Hennessey could now make his Premier League return at the scene of arguably his greatest performances with Wolves – at the Emirates Stadium on Sunday.