Jack Hayward has agreed to sell Wolves to Steve Morgan, the Merseysider who tried to buy Liverpool.
A statement on the club's website said the sale of the club was expected to go through in early June.
Hayward has agreed to sell up all shares for £10 in total on the condition Morgan invests £30million in Wolves.
Manager Mick McCarthy has been assured his job is safe while Jez Moxey will stay on as chief executive.
