Olympiakos winger Daniel Podence is due to have a medical on Wednesday before completing a £16.6m move to Wolves.
Manager Nuno Espirito Santo targeted the 24-year-old to bolster a squad that has shown signs of tiredness in recent weeks, when they have won just once in their last seven games.
He joined Olympiakos on a five-year-deal in 2018 after he terminated his contract with Sporting Lisbon.
Wolves have also signed 19-year-old Enzo Loiodice from Dijon on loan.
The deal includes an option for Wolves to turn the deal into a permanent move.
The France youth international will initially join the Under-23 squad for the second-half of their 2019/20 Premier League 2 campaign.
