Wolves have accepted a reduced offer worth £48m for striker Jorgen Strand Larsen from Crystal Palace.

Last week, the two clubs reached an agreement in principle over a £50m deal for the Norway international to move to Selhurst Park. All that was left was for Palace to submit a written offer – and provided the bid was of the value discussed, Wolves would have accepted.

However, as BBC Sport revealed, the offer never arrived as Palace communicated their intention to walk away from the deal, which put the transfer in jeopardy.

Sources claim that Palace's decision to pause final talks was down to reservations over the total cost of the deal, not concerns over the player. The impasse in recent days has placed further doubt on the deal.

But with a little over 24 hours to go until the transfer window closes, Palace have now had a new offer accepted worth £43m plus an additional £5m in bonuses – a deal worth £2 less than their original verbal offer.

If the deal goes through, the door could open for Jean-Philippe Mateta to complete his protracted move to AC Milan. Mateta wants to leave Selhurst Park with the Italian club leading the chase for his signature. But Palace are unwilling to let the France international go without a replacement.