Megson confirms Nolan deal is on

(GETTY IMAGES)

Bolton manager Gary Megson today admitted he knew little about captain Kevin Nolan's impending move to Barclays Premier League rivals Newcastle.

The club have agreed a transfer fee believed to be in the region of £4.5million and Megson confirmed Nolan was on Tyneside undergoing a medical this morning.

Megson - who ruled the possibility of signing Miguel Veloso from Sporting Lisbon - was reluctant to go into detail about Nolan's transfer.

"The situation as we speak is that the club received a bid from Newcastle which the club accepted and he's up there having a medical at the moment," said Megson.

"For any more details that you're going to need or want to know you will have to go to the press office of the football club and they will let you know what we're doing.

"That's as far as I'm going to go with it."

Bolton's 26-year-old captain, who has made 323 appearances for the club since his debut in 1999, now looks almost certain to join one of the Trotters' main relegation rivals.

Earlier in the week Megson bolstered Bolton's midfield with the purchase of 20-year-old Mark Davies from Wolves, but the club are now keen to raise funds.

Megson admitted the possibility of signing midfielder Veloso, one of the most highly-rated prospects in Europe, is now "dead in the water".

Reports suggested the Portuguese club were demanding in the region of £12million, and Megson admitted Bolton have been priced out of a move.

"It's now dead in the water and won't happen," said Megson.

"We tried to bring what we thought was a top-class player to the club but we can't do it.

"To use an analogy, if you like a car but you can't afford it then you have to look at something cheaper."