TMW says the two clubs will meet today to finalise terms over the Italy U21 international.
It's expected Fiorentina will take Cutrone on-loan for six months with a permanent option worth €18m.
Cutrone was left out of Wolves' 0-0 draw with FA Cup opponents Manchester United on Saturday.
After the game, Wolves manager Nuno said: “I won't say many things about that, but yesterday we had a good conversation with Patrick and we decided for him not to be involved in the game.
“It was the best decision so let's wait and see what's going on. Everything is ok. Something may be happening."