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Celta Vigo attacker Fer Lopez is due to have a medical at Wolves in anticipation of a £19m move to Molineux.
The 21-year-old, who is expected to become Vitor Pereira's first signing of the summer, will have tests on Wednesday.
Lopez, who briefly attended school in Suffolk in 2018 and trained with Norwich's academy, enrolled at Celta's academy at the age of 10.
Wolves had been looking for an attacking midfielder who can fill a variety of roles across the front three and in the No 10 slot, which Lopez can.
He made his senior debut for Celta in October 2024 with 20 appearances in all competitions, scoring four goals.
He netted twice in just his second appearance, when Celta beat Salamanca 7-0 in the Copa Del Rey.
Wolves have already sold forward Matheus Cunha to Manchester United and left-back Rayan Ait-Nouri to Manchester City to raise nearly £100m this summer.
The club are still in the market for a replacement for Ait-Nouri while they are waiting on captain Nelson Semedo to decide his future, with the right-back yet to sign the new contract offered amid interest from Galatasaray.