Wolves are close to completing the £4.5m signing of 20-year-old Colombian defender Yerson Mosquera.
The 20-year-old Atletico Nacional centre-half will become the first signing of the Bruno Lage era but it is not certain he will be part of the first-team squad straight away.
Mosquera is understood to have attracted the attention of other Premier League clubs.
Wolves regard his arrival as a coup for their recruitment team.
The deal is also significant because it is one of the first examples of a Premier League club taking advantage of the post-Brexit transfer regulations, which allow greater access to overseas players outside the European Union.
As Mosquera is not a full international, it is felt the transfer could not have happened under previous rules.