Wolves have agreed a fee of around £2m with Scottish Premier League side Hamilton for midfielder James McCarthy.Celtic and Burnley were among clubs to have bids rejected for the 18-year-old Republic of Ireland U-21 international.
Wolves upped their earlier offer of £1m and now it is down to McCarthy to agree personal terms and pass a medical at the midlands club.
Hamilton boss Billy Reid said: "It's an understatement to say that losing a player like James is a blow."
McCarthy rejected a move to Liverpool in 2007, while Chelsea were just one of a number of other clubs to have previously expressed an interest.
If the move is completed, McCarthy will join his Hamilton team-mate Brian Easton in the Premier League after the Scotland under-21 left back moved to Burnley earlier in week.
And there is a possibility that a third product of the Hamilton youth system, James McArthur, could also be on his way to England's top flight.
His agent, Willie McKay, claims a Premier League club are interested in signing the 21-year-old, although there have been no firm offers yet.