The other Championship club is unknown but according to the Express and Star, the other club made a bigger offer to the club and to the player.
Moxey told the Express and Star: "With Richard, Leicester had another bid from a Championship club where they were offering more money to the player and club.
"Because we did the business swiftly and were serious about the player, they said 'you were in there first.'
"We started early with both of our signings and made it plainly clear we wanted to sign these players before anyone else.
Even though Leicester received a better bid and could have been better for them, they had the decency to carry on with the bid from Wolves.
It is reported from the official Wolves Website that it is a undisclosed fee, but from other sources it has been reported wolves have paid 1.6m for the England under 21 International.