Jesus Vallejo is thought to be having a medical at Wolves ahead of a proposed loan move from Real Madrid.
The defender is close to a season-long switch to the Premier League club with the deal likely to be announced in the next 24 hours, according to the Press Association.
The 22-year-old saw their 2-0 Europa League win against Crusaders on Thursday and was introduced to his new team-mates after the game.
He will become the club’s third signing of the summer after the loan moves of Raul Jimenez and Leander Dendoncker were made permanent.
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Vallejo started his career at Zaragoza before joining Real in 2015, although he was immediately loaned back for the season, and then spent the following campaign on loan at Eintracht Frankfurt.
Over the past two seasons, Vallejo has made 19 appearances for Los Blancos, scoring once. He helped Spain Under-21s win Euro 2019 in June.
Boss Nuno Espirito Santo said on Wednesday he was confident of adding new faces to his squad. He is keen on AC Milan striker Patrick Cutrone and has also been linked with Southampton’s Mario Lemina.
Nuno guided Wolves to victory against Crusaders on Thursday as they made a winning return to Europe after a 39-year exile.
Diogo Jota and Ruben Vinagre scored in the second qualifying round first leg to give Wolves the advantage ahead of next week’s second leg in Belfast.