Manchester City have reached a verbal agreement with Wolves on a fee for Portugal midfielder Matheus Nunes.
City have agreed to pay Wolves €55m without add ons, but the deal has not yet been finalised.
In a separate deal, City's 21-year-old midfielder Tommy Doyle will join Wolves on loan with an option to buy, and City retaining a significant sell-on clause if the move becomes permanent.
City last week saw a bid for Nunes rejected, with the 25-year-old subsequently choosing not to train with Wolves in a bid to force through a move in the final days of the transfer window.
Speaking after Tuesday night’s 5-0 Carabao Cup win over Blackpool, Wolves boss Gary O’Neil said he was unaware of any improved bid from City and expected the player to remain at the club beyond Friday’s deadline, but that situation has quickly changed.
Nunes became Wolves’ record signing when he joined from Sporting Lisbon for an initial €45m last summer, signing a five-year contract with the option of a further 12 months.
He made 34 appearances last term, scoring one goal and proving one assist.
England Under-21 international Doyle, grandson of Manchester City greats Mike Doyle and Glyn Pardoe, impressed on loan at Sheffield United last season, scoring four goals and seven assists in 38 appearances as he helped the Blades earn promotion to the Premier League.

Inter Milan have signed France defender Benjamin Pavard from Bayern Munich, both clubs announced on Wednesday.
No financial details were disclosed, but Italian media reported that the 27-year-old has joined Simone Inzaghi's side for a fee of around €32 million, signing a five-year contract.
Pavard, who joined Bayern from VfB Stuttgart in 2019, won the Bundesliga title four times. He also won the 2018 World Cup with France in Russia.
Inter have kicked off their Serie A season impressively, winning their first two matches.
Inzaghi, however, had said he was in the market for an experienced defender, following the departure of Milan Skriniar to Paris St Germain. Inter host Fiorentina in Serie A on Sunday.

Folarin Balogun has completed a permanent move to French club Monaco from Arsenal.
It is understood the deal for the 22-year-old United States forward is worth €40m (£34.3m) and also includes a sell-on clause of 17.5 per cent.
Monaco confirmed Balogun had signed a five-year contract until June 2028.
Balogun joined the Gunners aged 10 and developed through the club's academy before signing a first professional contract in February 2019 and made his senior debut in the Europa League the following year.
In January 2022, Balogun joined Sky Bet Championship side Middlesbrough on loan and he spent last season in Ligue 1 at Reims, where he scored 21 goals.
A club statement from the Gunners read: "We thank Folarin for his contribution to Arsenal, through our Academy into the first team, and wish him the best of health and happiness in his new chapter at Monaco."

League of Ireland Premier Division side Shelbourne have announced the signing of Portuguese full-back Euclides Cabral for the remainder of the season, subject to international clearance.
The 24-year-old came through the Sporting CP academy and counts Swiss sides Grasshoppers and St Gallen among his previous clubs before most recently playing for Cypriot First Division outfit Apollon Limassol, where he made six appearances.
Damien Duff, Shelbourne FC Head Coach said: "We are delighted that Euclides has joined us for the final push. He has played at a high level around Europe and will bring a different dynamic to the squad. He is quick, technical and likes to attack. He has settled in quickly and we all look forward to seeing him in a Shelbourne jersey"
Euclides Cabral said: "I am absolutely thrilled to join Shelbourne FC. I am excited to play with my new teammates and embark on this exciting project here in Ireland. I can't wait to step onto the pitch and give my all for this fantastic club. This is a new chapter in my career, a new country, a new challenge and I couldn’t be happier to wear the Shelbourne jersey."

Luis Palma signed for Celtic on a five-year deal and declared it a "very special day".
The 23-year-old Honduras forward joins from Greek side, Aris, where he has played for the past 18 months.
Speaking to Celtic's website, Palma said: "I could not be any happier with today’s news. It is a very special day for me and an honour to be announced as a Celtic player.
"I can’t wait to be part of this great club, a club I know all about as one of the great names in world football. I know that Celtic always aims to play football the right way, a team that entertains and has a pedigree of winning and delivering success, and this is what I want to be part of.
"I have spoken to the manager and I’m really looking forward to joining him and my team-mates and starting my journey with such a brilliant club.
"I have already had so many messages of support and I thank all our fans for the welcome I have been given.
"I can’t wait to play in front of the Celtic supporters and I will do all I can to bring our fans good football and some good moments."

Goalkeeper Steven Benda has completed a move from Swansea to Fulham.
The 24-year-old German has agreed a deal until the summer of 2026, with the Premier League club holding an option to extend by a further year.
"It's a massive club with a lot of history and tradition, so I’m really happy to be here," Benda told FFCtv.
"Just look at this stadium, and the club itself, playing for (manager) Marco Silva, it was a very easy decision."
Benda joined Swansea from 1860 Munich in August 2017 and had loan spells at Swindon and Peterborough. He made 23 appearances for the Welsh club last season, with a knee injury in January cutting short his campaign.