Wolves have agreed a deal with Real Sociedad to sign Brazilian striker Willian Jose on loan, with an option to buy in the summer.
The 29-year-old is waiting for a work permit under the new post-Brexit regulations, so will not be in the UK until next week.
Willian Jose was offered to Tottenham in the summer and Atletico Madrid have also been linked with the forward.
His arrival at Molineux will give Wolves a welcome extra attacking option in the absence of the injured Raul Jimenez.
They have dropped to 14th in the table after Saturday's 3-2 derby defeat to struggling West Brom.
Jimenez's injury has left them reliant on promising 18-year-old Fabio Silva in attack.
Willian Jose deal should be done next week
Sky Sports News reporter Kaveh Solhekol on the Transfer Show:
"It looks like Wolves have a new focal point for their attack - he is Willian Jose, who they are signing on loan from Real Sociedad.
"He was linked very heavily with a move to Spurs last summer when they were looking for a back-up striker for Harry Kane, while he had also been linked with a move to Atletico Madrid as a replacement for Diego Costa this month.
"But he is coming to Wolves, although he does need a work permit, so we are expecting this deal to be done next week in time for him to play against Chelsea next Wednesday night.
"It is a loan, with an option to buy and he is someone who should suit English football."
The winter transfer window is open until Monday, February 1 at 11pm.
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