Wolves have signed former Everton midfielder Segundo Castillo on a season-long loan deal from Serbian side Red Star Belgrade.

The 27-year-old defensive midfielder, who starred for Ecuador in the 2006 World Cup, spent last season on loan at Goodison Park but now returns to the Premier League after sealing his switch to Molineux.

Mick McCarthy has the option of making the deal permanent at the end of the season, while Castillo's introduction to the club will no doubt be helped by the presence of his former Red Star team mate Nenad Milijas.

Meanwhile, Wolves have reportedly bid £2million for giant Rapid Vienna striker Stefan Maierhofer and hope to bring the 27-year-old to Molineux before the end of the transfer window.

The Premier League new boys have scored just twice in their opening four games and so the arrival of the profilic Austria international would add some welcome firepower up front.

Measuring a towering 6ft 7.5ins, Maierhofer is even taller than Tottenham giant Peter Crouch and could pose a real threat to opposition defences.

After a profitable spell in Bayern Munich's reserves, Maierhofer made his name on a loan spell at Rapid in January 2008, scoring seven goals in 11 matches, helping the club win the league.

He subsequently signed a permanent deal at the Gerhard Hanappi Stadium, scoring 23 goals last season, placing him firmly on the wanted list of several European clubs.