Wolves have been bought by Chinese conglomerate Fosun International for £45m, with the club expected to confirm the deal on Thursday.
They are the second Championship club to have Chinese owners after Midlands rivals Aston Villa were sold to Dr Tony Xia earlier this year.
Previous owner Steve Morgan put the club up for sale at the start of last season and stepped down from the board.
Chief executive Jez Moxey has been managing day-to-day business affairs.
Cheshire businessman Morgan, who made his money through house building company Redrow, had previously tried to buy Premier League giants Liverpool prior to taking over Wolves from Sir Jack Hayward in August 2007.
Fosun International also has links with super-agent Jorge Mendes, who represents, among others, Jose Mourinho and Cristiano Ronaldo.
Mendes sold a minority share of his agency Gestifute to a subsidiary of Fosun late last year and is expected to play a part in recruitment at Wolves.
Wolves finished last season in 14th place in the Championship, 16 points from the play-offs and 18 points clear of relegation.