Wolves have agreed a £27.5m deal with Valencia for forward Goncalo Guedes.
The 25-year-old Portugal international is due to fly in for a medical on Monday before signing a long-term deal.
Guedes was a summer target for manager Bruno Lage, but Wolves' need for an attacker has become more pressing following Raul Jimenez's injury that has ruled him out of the early season.
Hwang Hee-chan started up front for Saturday's 2-1 defeat at Leeds, but failed to make much of an impression.
Only the three relegated clubs, Burnley, Watford and Norwich, scored fewer than Wolves' 38 Premier League goals last term.
Guedes, who can play on the wing or as a striker, began his career at Benfica, before joining Paris St-Germain.
He moved to Valencia on loan in 2017, making the deal permanent a year later.
Meanwhile, Everton are closing in on a deal for Wolves skipper Conor Coady.
The 29-year-old was on the bench for the game at Elland Road, with manager Lage preferring Max Kilman and Nathan Collins - the club's only summer signing so far - in a two-man central defence.
Coady wants to play regularly to keep his England place for this winter's World Cup, while Everton lost centre-backs Ben Godfrey and Yerry Mina to injury in their 1-0 loss to Chelsea.
Given his service to the club over seven years during their rise to the top flight from the Championship, Wolves are willing to let Coady leave on loan in order to push through a permanent deal.