Varney, who scored 25 goals last season, completed a £2.5million deal to move to the Valley yesterday. The Canaries are believed to have matched the offer, but not the striker's ambitions, which are to make the step up to the Premiership with Alan Pardew's side.
The news that City were able to lodge such a substantial bid provides hope for Peter Grant's ability to strengthen his squad sufficiently to mount a serious promotion bid next term. It was thought that the Canaries may have to sell prize asset Robert Earnshaw, but new investment has seen that speculation die down.