Charlton right-winger Shaun Newton looked set to join Wolves as the News Shopper went to press.
The initial fee is £850,000, rising to a maximum of £1m on appearances plus a further £150,000 dependent on Wolves gaining promotion while Newton is a member of the squad.
Newton will sign subject to passing a medical and agreeing personal terms.
The twenty-five-year-old Newton began his career at The Valley as a youth trainee, and made his debut for the London club aged 17 and won three England under 21 caps.
Charlton, meanwhile, have signed midfielder Gavin Peacock, son of Addicks' assistant manager Keith, from Queens Park Rangers on a extended loan with a view to a permanent move.
Alan Curbishley moved quickly to sign Peacock after John Robinson underwent a cartilage operation, while skipper Mark Kinsella will also miss the start of the new Premiership season with a hernia problem.
l Charlton complete their pre-season build-up with a trip to Holland on Friday to play Roda JC.
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