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Wolverhampton Wanderers have confirmed they have turned down a bid from a consortium headed by Graeme Souness.

The West Midlands club said in a statement on their official website they had received a bid involving the ex-Blackburn and Newcastle manager but that it did not meet their valuation and was superseded by rival offers.

Speculation has surrounded Molineux since it emerged benefactor and owner Sir Jack Hayward was open to offers, but Wolves denied any contact from Souness until today's statement.

Wolves' chief executive Jez Moxey acknowledged there had been "quite a lot of interest in the opportunity to acquire control of Wolves", adding "confidential discussions have taken place with a number of potential investors".

"Last week another party, which included Graeme Souness, tabled a written proposal.

"After giving careful consideration to this offer, Sir Jack and the board have unanimously decided to reject it formally on the basis that they do not believe it fully values the club and the opportunity at Molineux, and that the offer is also significantly below proposals already put forward by other parties."

Wolves have now appointed Rothschild to help them assess potential takeover offers as they look to regain top-flight status following their relegation from the Premiership in 2004.

The club are into the next round of the FA Cup after winning their replay against Oldham Athletic to set up a crunch clash with local rivals West Bromwich Albion in the fourth round.