Mario Lemina has scored once and registered one assist in 22 appearances for Nice this season
The former Southampton player is scheduled to have a medical on Friday prior to completing the move
The 29-year-old Gabon international joined Southampton in 2017 and his stint at the club included loan spells at Galatasaray and Fulham.
Lemina joined Nice in 2021 and has made 22 appearances for them this season, scoring once.
Wolves have pledged to bolster new manager Julen Lopetegui's squad, with up to six new signings expected this month, although not all will be regarded as regular starters.
The club have already brought in Mateo from atletico Madrid, while other players on their radar include West Ham defender Craig Dawson, Manchester United full-back Aaron Wan-Bissaka and Paris St-Germain's attacking midfielder Pablo Sarabia, who spent last season on loan with Portuguese side Sporting Lisbon.
Wolves are 19th in the Premier League and have a crucial game against fourth-bottom West Ham at Molineux on Saturday.
