Vallejo, 22, is highly rated but has found first-team opportunities hard to come by at the Bernabeu. He has previously enjoyed loan spells at Eintracht Frankfurt and Real Zaragoza, and though he was part of the first-team squad at Madrid last season, the €50m signing of Eder Militao has pushed him further down the pecking order. Wolves, on the other hand, are bolstering their squad ready for a season in the Europa League, having already completed permanent moves for Leander Dendoncker and Raul Jimenez. Vallejo will provide fierce competition for Willy Bolly, Conor Coady and Ryan Bennett at centre-back. NOW READ… 9 new rule changes are coming to the Premier League – but are they good or bad? 10 big disastrous signings who cost managers their jobs 27 essential Fantasy Premier League tips from old winners and experts Eric Bailly concerned over his Manchester United future amid Harry Maguire speculation Bury face threat of expulsion from EFL Paulo Dybala opens the door for Premier League move Tottenham chairman Levy to give Pochettino increased backing in silverware bid Barcelona close in on signing of Junior Firpo from Real Betis 7 players Frank Lampard must still sell despite Chelsea’s transfer ban 28 red hot fantasy football tips Manchester United clinch €75m deal for midfielder as Real Madrid close in on Paul Pogba 10 overpriced transfers that absolutely worked out Manchester United haggling over £7m in pursuit of Bruno Fernandes