Jonny Castro Otto makes Wolves exit

Wolves have announced that the player's contract, which was due to run until 2025, has been cancelled by mutual consent so that he is free to join another club.

With few clubs making concrete options to buy Jonny, Wolves were happy to let him go on a free and it is understood they are topping up part of his wages at PAOK, as an incentive for him to move to Greece.

It will save Wolves money in the long-term as they look to move on a player who has been banned from first team duties following a training ground incident.

CLICK HERE TO WATCH WHY WOLVES WILL PAY PART OF JONNY'S WAGES (1HR 9MIN MARK)

It brings a sad end to a successful Wolves career, with Jonny a key member of the Nuno Espirito Santo team that went far in the Europa League and FA Cup, as well as two seventh-placed finishes in the Premier League.

Sporting director Matt Hobbs said: “Jonny hasn’t played a lot of football over the last couple of years, so he wants to go and play and we’re happy to give him that chance. He’s been a great servant to us, so we tried to make this happen for him as quickly as possible.

“Doc is the last one left from the starting Europa League group, and he came back, so Jonny leaving is another one gone from that era, from a group of players that will always be welcomed back to the club, for what they did for the club and Jonny will be held in the same regard.

“In the modern era, he was part of the most successful team we’ve had, so the only way Jonny should be remembered is for being an important part of it. Every team needs players where the manager knows exactly what he’s going to get. He raised one child here and had another here and loved the city. When you come to putting a team together, that’s really important."

Although Wolves have a small squad, Gary O'Neil has seen a boost this week with the return of Rayan Ait-Nouri from the Africa Cup of Nations.

Hobbs added: “We’ve got two fantastic, young left-backs and ‘Doc’ can play on both sides, so we’ve got a group of four full-backs and are really well covered, and Toti is able to drop in too, so we’re in a healthy position.

“In football every team goes through eras and what we’re starting to create is a new group which has the same potential and is equally as exciting, in a much tougher Premier League. With our group, we’d like to think we’re building something that can emulate what that team did.”