Benik Afobe has passed a medical and completed a £12.5m transfer to Wolves.
The Championship winners took up an option to buy Afobe following a six-month loan deal from Bournemouth in which the striker scored six goals in seven starts.
Bournemouth paid Wolves a then club-record fee of £10m for Afobe in January 2016.
The 25-year-old was initially a first-time regular under Eddie Howe at Bournemouth, but went on to start just 14 Premier League games in the 2016-17 season.
He was then reduced to five league starts last season before securing a loan move to Wolves. In his previous spell at Molineux, Afobe scored 23 goals in 48 games.
Wolves have also agreed to sign French defender Willy Boly on a permanent deal from Porto.
Boly scored three goals in 36 league appearances on loan at Molineux last term, earning himself a place in the PFA's Championship team of the season.
Sky Sports News understands Wolves have triggered an option to sign Boly for a fee in the region of £10m.
Bournemouth are interested in signing West Brom striker Jay Rodriguez, according to Sky sources.