Sky Sports understands that Wolverhampton Wanderers have agreed a fee for Leicester City striker Chris Wood.
The 22-year-old, who joined the Foxes permanently from West Brom in January last year, has fallen down the pecking order in Nigel Pearson's side following the arrival of record signing of Leonardo Ulloa.
Wood is well established at Championship level and found the net four times in 26 league appearances last season as Leicester claimed the title and secured a top-flight return for the first time in 10 years.
The New Zealand international is familiar with Wolves boss Kenny Jackett having worked with him during a productive loan stint at Millwall two seasons ago, in which he scored 11 times in 19 games.
Wood joined West Brom's academy at 15 and was highly rated as a youngster at The Hawthorns but found first-team opportunities limited and had loan spells with Barnsley, Brighton, Birmingham, Bristol City and Millwall before joining the Foxes for a reported £2million fee.
Wolves have boosted their squad already this summer with the arrival of Tommy Rowe from Peterborough and Rajiv van La Parra from Heerenveen, with Jackett's men seen as dark horses in the Championship following their promotion from League One.