Wolves manager Colin Lee has agreed to stay on at Molineux following lengthy talks with the club. Lee and his assistant John Ward are to sign new two-year contracts after guiding the midlanders to the brink of the First Division play-offs. They had been asked to stay on earlier this month by the club's owner and chairman Sir Jack Hayward. Lee said: "I have never had any serious doubts about taking the job. I just wanted everyone to be agreed that we didn't have many players and no money. "I don't want people assuming that we will gain a play-off place on the back of what has been achieved this season." Lee initially took charge at Molineux last November on a caretaker basis after the dismissal of Mark McGhee. He was then offered a contract until the end of the season with former Bristol City boss Ward linking up with him in December. Wolves lost just two of their final 21 league games and finished the season in seventh place, narrowly behind Watford and Bolton who contest the play-off final at Wembley on May 31.