According to media reports in Japan, Hasebe has his sights set on a transfer to the Bundesliga side.
The 24-year-old was a key player in Urawa's AFC Champions League triumph last year - playing in 11 matches and three games in the FIFA Club World Cup.
Wolfsbrug, however, appear to have won the signature of the talented midfielder. He is looking forward to the prospect of linking up with Wolfsburg boss Felix Magath.
"That was the major factor," Hasebe told Japanese sports daily Sports Nippon. "But their environment and other conditions such as the length of the contract were also decisive to me."
Urawa, meanwhile, are resigned losing their brightest prospect for the new J.League season.
"It's a pity to lose Hasebe after he has developed into a good player for us, but he has a strong desire to play abroad and we cannot stop him this time," Urawa general manager Shuzo Nakamura said.
"But Hasebe has a strong mentality and good skills. His playing style can be unique to them, too. I hope he can adjust to his new environment and do well there."