WANDERERS are running out of time to enter the race to sign Jay Spearing.

Lancashire rivals Blackburn Rovers have agreed a £1.75million fee for the Liverpool midfielder, who spent last season on loan at the Reebok.

The Ewood Park club are currently trying to raise the cash to fund the deal – which is likely to happen in the next few days with exits expected for striker Mauro Formica and defender Martin Olsson.

But while Wanderers fans are desperate to see the Anfield academy graduate back at the club, it looks highly unlikely Freedman will be handed enough cash to match the asking price – news that is likely to sting should the player end up wearing blue and white halves next term.

Spearing ideally wants to remain in the Premier League but sources close to the 24-year-old believe he would pick Wanderers above anyone else in the Championship were they to match Rovers’ bid.

Freedman, who is in Spain with his squad, has reserved most of his free cash for improving his attacking options and has been hinting for the last fortnight a winger and a striker would be the next positions on his list.

Spearing’s apparent availability may now affect his thinking – and few signings would be better received on the Reebok terraces than the Scouse terrier, who was arguably the club’s most consistent player last season.

Speaking to The Bolton News just before the weekend, Freedman admitted he has work to do in the transfer market before being completely happy with his squad for the new season.

“I’ve still got a way to go in terms of having an all-round squad,” he said. “I want a squad that is pushing each other and I felt in certain games last season that I looked at the bench and it wasn’t strong enough.

“I am comfortable with my starting 11 but I am still uncomfortable with the squad as a whole.

“I have said many times that I felt it was a bit imbalanced at times and that’s maybe where the ins and outs will come in. I think it’s good for the club to freshen things up.

“A good bench is key in the Championship – with Saturday, Tuesday, Saturday games coming up as often as they do.

“I felt last season that we slipped up on one or two midweek games. That was the key.”

Medo Kamara would be the player most equipped to step into Spearing’s defensive midfield role, but the lack of cover in that position may well be a concern for the Wanderers boss.