Wolves have signed Republic of Ireland winger Mark Kennedy from Manchester City in a Stg£2 million deal, subject to a medical.
The 25-year-old arrived at Maine Road from Wimbledon in the summer of 1999 and was inspirational in helping City win promotion to the Premiership.
Despite missing three months of last season with injury at the turn of the year, the former Liverpool man made a successful return to the first team and also played in the Republic's World Cup qualifier against Andorra.
However, Kennedy does not figure in new boss Kevin Keegan's plans following relegation to Nationwide One and the former Millwall trainee looks set to complete his switch to Molineux when he returns from holiday later this month.
"After we had established with Manchester City that we could sign him, a deal worth £2 million was agreed," said Wolves' chief executive Jez Moxey.
"We were given permission to speak to Mark and I have spent the last few days involved in negotiations with his agent.
"Personal terms were agreed yesterday and I am delighted that he will be joining us on a five-year contract - providing everything is fine with his medical.
"We fully expect the deal to go through at the end of the month."
Manager Dave Jones told the club's official website: "He will be a big benefit to Wolves with his experience, pace and ability. He can not only provide goals, but score them as well.
"He is a quality player and is of an age where he can serve the football club for years to come." - PA