Southend United can confirm that they have reluctantly agreed to sell striker Freddy Eastwood to Wolverhampton Wanderers tonight.

The 23-year-old will now move to the Midlands Club for an undisclosed fee after all parties agreed terms late on Wednesday evening.

Eastwood had also been subject of transfer bids from Charlton Athletic, but it is Wanderers who have won the race to sign the highly rated youngster.

"Freddy has been an integral part of our success but the time had come for him to move on," Chairman Ron Martin told southendunited.co.uk exclusively this evening.

"As a Club we were reluctant sellers but we want all of our players to be devoted to the cause.

"Our focus is immediately on returning to the Championship and we will invest accordingly to achieve that.

"Freddy goes with our blessing and we wish him every success."

Eastwood moved to Roots Hall in October 2004 from Conference outfit Grays Athletic having made an instant impact during his loan spell.

His first goal came after only 7.7 seconds, a club record, and he went on to score a total of 65 goals for the Blues.

The man who brought the former West Ham trainee to Southend, Steve Tilson, has also been quick to echo his Chairman's thoughts on Eastwood's departure.

"The time was right," said the Southend manager who plucked Eastwood from non-league obscurity three years ago.

"He wants to play at a higher level, with a side that could be pushing for the Premier League next season and we have done the right thing in letting him progress his career.

"He has done a fantastic job for the Club and been instrumental in our rise through the leagues.

"His goal scoring record speaks for itself and when you consider the price we paid it is a fantastic return for what at the time was a gamble.

"I don't think the fans will be surprised he has left and I am sure they will all join me in wishing Freddy all the best."

With Blues having already made three ventures into the transfer market this summer, Tilson is hoping for further new faces to arrive shortly.

"I'm very happy with all of our signings so far," he said.

"Freddy leaving creates chances for others and a striker and a centre-back are definately high on our list of priorities.

"We have our eyes on two or three more players and the money from Freddy's sale will certainly come in handy in ensuring those players come to Roots Hall and that we can give it a good go next season."

The deal seeing Eastwood leave the Club is thought to include a number of clauses, as well as a sell on fee believed to be in the region of 25 per cent.