Leicester have signed Chelsea defender Frank Sinclair in a £2 million move.
O'Neill, who has signed 26-year-old Sinclair on a four-year contract, said: "I'm very pleased that he has joined us. He is very versatile and can play in a number of positions."
Sinclair is likely to start Leicester's first game of the season against Manchester United at Old Trafford tomorrow.
Wolves' assistant manager Colin Lee has appealed to the club's board of directors to snub any bid that may be made to try and prise Robbie Keane away from Molineux.
The 18-year-old Republic of Ireland striker was watched by Arsenal, Spurs and Everton during Wolves' Worthington Cup defeat at Barnet earlier this week.
Keane is already valued in excess of £5 million, and Lee said: "It is going to take a massive amount of money and I am hoping they will turn down any offer that does come in.
"We know that we have a gem on our hands, and he is staying with us. Anybody interested in him would have to get out a big cheque book."
Andrei Kanchelskis yesterday dismissed claims that he has links with the Mafia in Russia. The Rangers winger has been dogged by rumours since arriving in Glasgow that he pays £8,000 a week in protection money.
In the club's newspaper, Rangers News, he said: "The stories about me are unpleasant but I cannot say I am shocked because I have come across this kind of thing before. I have never paid protection money to anyone and have no connection with any individuals involved in such schemes.
"I have never gambled to any serious extent nor incurred gambling debts," he added.
Tottenham Hotspur's Christian Gross and Charlton Athletic's Alan Curbishley have been named as the managers most likely to be given the sack before the season is out.
Bookmakers William Hill yesterday rated the two managers as evens favourites to no longer be in charge of their current club by the end of the new premier league season.
Wimbledon's Joe Kinnear and Derby's Jim Smith were listed next in line to move on at 6 to 4 followed by Dave Bassett of Nottingham Forest, Newcastle's Kenny Dalglish and Leicester City boss Martin O'Neill at 7 to 4.
Liverpool's new joint manager, Frenchman Gerard Houllier, is rated the most secure at 10 to 1.