Wolves are set to sign Portugal Under-21 winger Chiquinho from Portuguese club Estoril for an initial £3m.
The 21-year-old is due at the club for a medical today before signing a long-term contract.
He has scored three times in 15 games this season.
It is not clear whether Chiquinho will be part of manager Bruno Lage’s squad for the remainder of the Premier League campaign, or whether he will be allowed to leave on loan.
Tottenham are expected to try and make a move to sign Spain winger Adama Traore from Wolves this month.