Brazilian defender Luisao is expected to complete his move to Wolves this week, report Portuguese outlet Diario de Noticias.
The centre-back is a former Brazil international, and also the Benfica captain, although at 35 is in the twilight of his career.
Diario de Noticias report that Luisao was first contacted about a move on Sunday, and was undecided at first.
The paper report the defender 'hesitated a lot', and was initially going to refuse the move, but was convinced by the large wages being offered..
It is reported he will earn two million Euros a season at Wolves, an increase on his current salary of 1.5 million at Benfica.
While he had envisioned finishing his career at the Stadium of Light, he has given the green light to a switch.
Yet money is not his only reason for moving to Wolves. When he was injured last season Benfica coped well without him, and he is said to understand that it will be a lot harder to get into the side this upcoming campaign.
Wolves are now waiting on a work permit for the defender, and while he did not play in 75 per cent of his country's games last season, he is hopeful of gaining on, one the grounds of his achievements over the course of his successful career, with more than 40 caps to his name for the Selecao, and five league titles with Benfica.