Wolves are preparing to offer £17million for Japan winger Shoya Nakajima from Portuguese side Portimonense.
The 24-year old forward has been watched by Borussia Dortmund and Leicester City in recent months.
But Wolves are hopeful of persuading Nakajima to choose Molineux and have opened talks over a proposed deal.
Nakajima has a £35m buy out clause but could be prised away for less as the Portuguese club look to raise capital.
He has been capped six times by Japan and scored in their 4-0 friendly win over Kyrgyzstan last month.
He has scored five goals for his Portuguese club Portimonense this season after grabbing 10 in the last campaign.
Coach Nuno Espirito Santo is looking to freshen up the squad in the new year after a recent run of poor form.
On Wednesday night they registered their first win in seven, coming from behind to beat Chelsea 2-1 at Molineux.