Accies have confirmed they have accepted an offer for the highly-rated teenager from Mick McCarthy's side.
The Republic of Ireland Under-21 international is now expected to hold talks with the Molineux club.
The 18-year-old has been the source of constant speculation about his future, having been linked with Celtic, Burnley and Portsmouth.
But he could be set to join Brian Easton in England's top-flight next term after his former Accies team-mate sealed a move to Burnley.
According to reports, Wolves had an initial offer for McCarthy rejected earlier this week, before coming back with an improved bid of more than £2million.
Asked if it would be a blow to lose McCarthy, Hamilton boss Billy Reid said "I think that's an understatement.
"To lose James would be a blow, the same as it was a blow to lose Brian.
"But it's not at that stage yet. That's really all I can say at the moment."