The 25-year-old Nigeria international is now set to join Ajax, who will have an option to make the transfer permanent for £17m.
Advertisement
Advertisement
The Dutch club will pay a £1m loan fee, with additional payments potentially due if they qualify for the league phase of a European competition.
Arokodare has been keen to leave Wolves this summer after struggling to secure his preferred move.
The Premier League club previously rejected offers from Fiorentina and Trabzonspor. T
he Super Eagles forward also made headlines last week after reportedly refusing to leave the pitch, leading to the cancellation of a training session.