The former Monaco man has been drafted in by the ex-England boss on loan with a view to a permanent switch as replacement for Edin Dzeko who moved to Manchester City earlier this month.
Both Avram Grant and David Moyes are desperately short of striking options and had ear-marked Mbokani as the man to get the goals to haul them clear of the relegation zone.
Not stuck with the Toffees: Dieumerci Mbokani has shunned the Premier League
However Monaco's general manager Marc Keller said: 'Dieumerci Mbokani will be joining VfL Wolfsburg. He has already been travelling to the club.'
Under pressure: Wolfsburg boss Steve McClaren has had an indifferent time in Germany
The 25-year-old has endured a torrid six-month spell in the principality since signing from Belgian side Standard Liege, finding the net just once.
Speaking to Sky Sports, the DR Congo frontman said he was desperate to rediscover his form and admitted he was disappointed to have failed to fulfill his potential in Ligue 1.
'To be honest, I am flattered to be playing in the German league,' he said. 'It is a tough league and I hope to make a name for myself in the Bundesliga. Monaco did not work out for me, but that is life.'
Both Everton and West Ham will now turn their attention to securing the services of Demba Ba, with the Hammers looking the most likely after the striker failed a medical at Stoke.
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Explore more:People: Edin Dzeko, David Moyes, Steve McClaren Places: Monaco, Monaco, United Kingdom