Adama Traore will have a medical at Wolves on Monday ahead of a club-record transfer from Middlesbrough, according to Sky sources.
The deal has been agreed between the clubs and, although Traore has a release clause in his Boro contract of £18m, it is understood Wolves are likely to pay more than that.
The Premier League new boys are set to pay an initial £10m up front, and then more in instalments which could take the total fee over £20m, depending on appearances.
Wolves have been active in the transfer market this summer, with Raul Jimenez, Joao Moutinho and Ruo Patricio all high-profile acquisitions.
But manager Nuno Espirito Santo has not finished strengthening his squad ahead of their Premier League opener at home to Everton on Saturday.
Traore made 23 appearances for Middlesbrough last season and scored three goals, as Boro reached the play-offs but were knocked out in the semi-finals.