Cipriani, 21, and England colleague James Haskell are among a number of players whose contracts expire at the end of the current season.

Both are marquee names who could attract lucrative offers from Wasps’ big-spending rivals in the Guinness Premiership and in France, where the Top 14 clubs are not subjected to a salary cap.

Dallaglio’s new role on the Wasps board includes player recruitment and the retention of the club’s leading talent.

Wasps may not be able to match the biggest salaries on offer around Europe - but Dallaglio is a firm believer the club he has served for 20 years gives players the best chance of fulfilling their potential, playing for England and winning trophies.

“You make decisions in rugby on what you feel your priorities are,” said Dallaglio.

“If players are purely driven by money, there are other places who will offer more. A player in the modern age has to think about more than money.

“They have to think about where they get their best rugby education and where they have the best chance of winning trophies. Despite our league position, this is still one of the very best places to win trophies.

“They have to consider what prepares them best for international rugby and there is no place that prepares them better than here.

“If you have the right place to thrive you can bring out the best in your talents. All the players here are in that environment and they will not necessarily find it elsewhere.”

The new owner Steve Hayes confirmed yesterday that finalising new contracts for the club’s big-name stars is now his main priority.

Cipriani is keen to stay but he wants assurances that Wasps plan on keeping the current squad together and remaining true to the values Dallaglio outlined.

“I would like to stay at Wasps and have my future here. I’ve just got to know about the players who are going to stay around as well,” he said.

“You want to make sure that you have all the young players and you have all the talented players coming through together and staying on.

“I think Steve is going to try and get all the contracts done as a whole team.

“Wasps is such a great club. Ideally I would like to stay at Wasps and get the whole structure in place and get everything right.

“It is a unique place with the values to win. There are some of the best coaches in the world here and their winning mentality rubs off on the younger players.

“I have been here for two seasons now and we have won two trophies. Winning trophies is what it is all about. It is the best feeling.

“The key is to keep this squad together that has been successful.”