The total cost to Wolves of signing wonderkid Luke Matheson from Rochdale may rise to more than £3million, Football Insider understands.

The Premier League club announced on deadline day in January they had beaten multiple suitors to the capture of the record-breaking right-back.

A Wolves source has told Football Insider that the club are in line for an even bigger payout than the initial £1million fee paid to prise Matheson, 17, from Rochdale.

As part of the agreement, Matheson immediately returned to the League One club on loan for the rest of the season.

The transfer includes a number of performance-related add-ons that could eventually hike the fee by several more million.

Matheson will train occasionally with Wolves at their Compton Park headquarters over the coming months as he gradually assimilates to life at the Europa League big guns.

He burst onto the professional scene by becoming the youngest player in Rochdale’s history to play for the club after making his debut at the age of 15 years and 336 days.

He made headlines earlier this season after scoring the equaliser in Rochdale’s League Cup defeat to Manchester United at Old Trafford.

Matheson scored the equaliser for Rochdale against Manchester United in the League Cup in September, aged just 16 and he impressed in this month’s FA Cup clash with Newcastle.

Rochdale were reluctant to lose Matheson, but agreed to deal as long as Wolves were prepared to send him back to Spotland for the rest of the season.

Matheson will link up initially with the Wolves Under-23s from the summer before they try and develop him into becoming a first-team regular.

In other Wolves news, ‘West Brom fans won’t thank me for saying this’ – Phillips makes big Wanderers transfer claim.