The Daily Star says the South Coast club agreed to pay Arsenal a £2m loan fee and all of Wilshere's £100,000-a-week wages, making it a £7m commitment for the campaign.
Cherries hit-man Afobe, who came through the ranks at Arsenal with Wilshere and is godfather to his child, persuaded him to make the move.
A Bournemouth source said: “We were not confident of getting Jack until Benik stepped in and told him this was the place for him.
“The two of them are still good friends from Benik's Arsenal days so that was our trump card.
“Benik told him he would like our style of play and that the manager would get the best out of him."