Wolves winger Daniel Podence has signed a new contract with the Premier League club and moved to former side Olympiacos on a season-long loan.

The Portuguese joined Wolves from the Greek club in January 2020, but found his first-team chances limited under new head coach Gary O’Neil.

Podence, who made 37 appearances last season, has signed new terms with Wolves through until 2025, with the option for a further year’s extension.

‘This is an opportunity for him to go back where he was and play European football, and he was great in understanding that for us to allow it, he had to sign a contract.

Daniel Podence has agreed a one-year contract extension at Wolverhampton before leaving on loan

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Podence (middle) is returning to former side Olympiacos on a season-long laon deal

‘There’s still a possibility Daniel comes back and plays for Wolves again, but it was the right time to let him go and play this season.

‘He can either come back after the season or we’ll be negotiating next summer with a player with a longer contract. 

‘He was respectful and didn’t push back – he was happy to protect the club.

‘We’ll stay in touch this season, and I want him to do well, to either come back and play for us in good form or maximise his value.’