The team from the West Midlands had a good run in the market until Friday. They had done some early business to sign Pedro Lima, Rodrigo Gomes, and Jorgen Strand Larsen.
Wolves also had cash on hand after selling Max Kilman to West Ham United for £40 million, but they are about to lose their most valuable player.
Chelsea has agreed to pay £54 million to get Pedro Neto. The winger has already had a test and will be introduced to the fans at Stamford Bridge on Sunday when the Blues play Inter Milan.
Wolves did not need to or want to sell the Portugal international, but O'Neil now has a lot of money to spend over the next three weeks.
People have said that Wolves is interested in Carlos Forbs of Ajax and Galeno of Porto over the past 24 hours, but O'Neil and Matt Hobbs seem to have a different plan.
After Wolves lost to Rayo Vallecano on Saturday afternoon, the Englishman said in an interview that he prefers players who have previously played in the Premier League.
O'Neil told the club's website, "Matt [Hobbs] and I have talked a lot about what we're trying to do: get players in who can help us with the money we've received. Hopefully, we can help this group now because they're in a good spot and giving everything, but the Premier League is tough."
"We've brought in a lot of young players, and we hope to add some more young players who can help us right now." We should sign players who will add value to the football club. Rodrigo and Pedro stand out because they are both very talented and can be sold, which is a plus.
"But we need to bring in some players who are ready now, have played in the Premier League, and know what it's like because it will be tough." It's important that we get it right and that I put together the right team. I'm looking forward to the season, but we still have work to do until the end of August.
Because so many loan players have returned to the team, O'Neil already has a strong group, even though he needs to find a new center back and a backup for Neto immediately.
But Wolves don't have any experienced British or Irish Premier League outfield players under 30 years old. Tommy Doyle is the only one who meets that requirement.
Matt Doherty and Craig Dawson are now 32 and 34 years old, so they no longer have a normal spot on the team. O'Neil may now sign at least one player who can make a difference in the starting lineup.
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