Wolves have agreed to sell Jørgen Strand Larsen to Crystal Palace after receiving a bid totalling £50m for the Norway striker.

The agent Jorge Mendes has been leading negotiations on behalf of Wolves, who have accepted an initial £45m, plus £5m in add-ons. It remains to be seen whether rivals move to match or exceed that offer; Leeds are viewed as the most serious competition but Palace are in pole position.

Leeds had a bid of about £40m rejected for the 25-year-old this month, and Nottingham Forest, also hunting an experienced striker, have also been monitoring him.

In the summer Strand Larsen was the subject of several bids from Newcastle totalling £55m but Wolves rejected those. The Premier League’s bottom club recognise Strand Larsen’s value will plummet in the event of relegation.

Strand Larsen signed permanently for Wolves in a £23m deal last summer after scoring 14 goals during a loan from Celta Vigo. In September he signed a contract extension to 2030 but has since struggled and it was apparent that a sale, at the right price, would benefit all parties.

Palace pushing through a deal for Strand Larsen is expected to create a domino effect at Selhurst Park and beyond. Jean-Philippe Mateta wants to leave Palace, with Forest lodging a £35m bid. Palace will not allow Mateta to depart without signing a replacement.

Elsewhere, Burnley have signed James Ward-Prowse on loan from their relegation rivals West Ham. The 31-year-old former Southampton midfielder has not played a minute since Nuno Espírito Santo succeeded Graham Potter in September.

“As soon as I heard of Burnley’s interest and spoke to the manager [Scott Parker], I knew this loan spell was just what I needed,” said Ward-Prowse. “There’s a big battle between now and the end of the season, but I’m going to relish every moment.”