He told BBC Five Live: “We have spent a bit of money and there’s some finance available. We have been in for Michael Carrick and are still looking for players to make us stronger and better.

“We have got one or two irons in the fire.”

Portsmouth, Crystal Palace and Everton are also interested in signing the 23-year-old.

Megson assured Baggies fans the team would be better prepared this season than they were for their previous stint in the top flight in 2002/03 when they finished second from bottom.

He said: “We will give it our very best shot to stay up. We have learned from two years ago. Things we’re doing now are different.

“We have the desire. We know it’s going to be difficult but we’ll give it everything we’ve got. You never know what will happen. The only thing you can guarantee is that energy and enthusiasm will be there in spades.”

Meanwhile Megson insisted football was a secondary consideration following striker Lee Hughes’ six-year jail sentence.

Hughes was given the sentence for his role in a car crash which resulted in the death of father-of-four Douglas Graham.

Megson said: “I don’t think it’s something we prepared for, we knew it was very serious. We were not in charge of the verdict or sentence so it was not something we could prepare for.

“It is obviously not ideal but the thing I find hard to deal with is we are talking about football when the important thing is Mr Graham’s family.

“Football is important but not as important as what has happened to those people.”