Southend have confirmed they have 'reluctantly agreed' to sell Freddy Eastwood to Wolves.
The £2million transfer appeared to have hit the rocks yesterday after the Championship club announced they had agreed terms with the 23-year-old, but Shrimpers chairman Ron Martin claimed Charlton were still in the race to sign the player.
However, after the Addicks signed Svetoslav Todorov on a free transfer from Portsmouth, Southend subsequently hammered out the remaining details of the deal with Wolves late this evening.
'Freddy has been an integral part of our success but the time had come for him to move on,' Martin told the club's official website.
'As a club we were reluctant sellers but we want all of our players to be devoted to the cause. Our focus is immediately on returning to the Championship and we will invest accordingly to achieve that.
'Freddy goes with our blessing and we wish him every success.'
Wolves chief executive Jez Moxey stated that Eastwood would sign a four-year contract at Molineux after passing a medical.
Eastwood scored 49 goals in 111 appearances for the Shrimpers and caught the eye with several dazzling displays last term, including scoring the winning goal to knock Manchester United out of the Carling Cup.
Moxey had earlier told Wolves' official website: 'We are delighted to report that following discussions, and a medical, with Freddy at Molineux today, we have now agreed personal terms. Freddy will sign a four-year contract.
'We have been in pursuit of Freddy Eastwood since the end of last season and have had ongoing negotiations with Southend chairman Ron Martin.'
It is believed the Shrimpers have inserted a 25% sell-on fee in the deal.