Crystal Palace have agreed a £48m deal with Wolves to sign striker Jorgen Strand Larsen.
Palace broke their transfer record to sign Brennan Johnson for £35m from Tottenham earlier in the window but are set to surpass that with the signing of the 25-year-old forward.
The south London club have had a bid accepted that will see them pay a guaranteed £43m, plus £5m in add-ons.
Leeds had also been interested in Strand Larsen, who was the subject of two bids from Newcastle, worth £50m and £55m, during the summer transfer window.
The Norway international has scored one goal in 21 Premier League appearances this term for bottom-club Wolves but impressed at the back end of last season with a run of seven goals in eight games.
The deal could pave the way for Jean-Philippe Mateta's departure from Selhurst Park.
Mateta wants to leave and is awaiting the green light to undergo a medical with AC Milan.
Analysis: Palace banking on return to form
Sky Sports' Nick Wright:
Twenty-one appearances and yet only one goal scored. Based on Strand Larsen's output this season, the £48m fee appears bewilderingly high.
Crystal Palace are banking on a return to his 2024/25 form, when he scored 14 goals and provided four assists in 35 appearances in his first season in the Premier League.
It was the third top-flight campaign in his career in which Strand Larsen has reached double figures for goals, following a 14-goal season in the Eredivisie with Groningen in 2021/22, and a 13-goal season in La Liga with Celta Vigo in 2023/24.
His record before this season shows goalscoring pedigree, and he appears a good stylistic fit too. Like Jean-Philippe Mateta, he is a tall and strong physical presence against opposition centre-backs, able to act as a target man and offer runs in behind.
He also has room to develop, being three years younger than Mateta at 25. Even so, he may have work to do to convince fans than he can provide value for money at £50m given his struggles this season.