HITC Sport understands the former Arsenal striker is the man Alex Neil wants to lead his line.
Alex Neil attended Wolves' game with Hull City on Sunday and speculation began that he was looking at The Tigers' want-away Croatian Nikica Jelavic.
But now HITC Sport understands that whilst Neil was casting his eye over the 29-year-old, the main reason for his trip was to make a final check on Afobe - who they turned to after missing out on Italian Mattia Destro.
After seeing him in action, Neil gave the green light to chief executive David McNally to make the move and he has made contact with the Championship club to try and thrash out a deal.
Afobe only joined Wolves in January on a long-term deal from Arsenal when they paid just over £2 million but now they are set to return with a bid worth more than three times that.
Sources close to the deal have told HITC Sport that the player is keen to play Premier League football: "Afobe would love the chance to join Norwich, he knows he would go in as first choice and it looks a great opportunity for him."
Whilst Wolves would be loathed to lose the 22-year-old, who has scored 14 goals for them since arriving including one this season, it would be hard for them to turn down such a substantial profit.
The deal for Afobe would end a long search for Neil, as wanted to more goals to his front-line which could become even lighter in the coming days if Bournemouth press ahead with their interest in Lewis Grabban.