According to O Jogo (translated by Sportwitness), the player was due to travel to England yesterday for his medical.
Wolves have agreed on a fee with Olympiacos and the formalities should be completed soon.
The Premier League outfit will pay around €23m for the player excluding add-ons. The Greek side will receive a further €5m if certain objectives are met.
Podence has done well for Olympiacos in the recent months and he could prove to be a very handy option for Nuno in attack.
The 24-year-old winger will add flair and creativity to Wolves’ attack.