The ex-Norwich and Blackburn Rovers manager has had two interviews with sporting director Kevin Thelwell and director Jeff Shi, who will make the final decision.
The former Scotland midfielder’s agent is talking to Wolves on Friday, resolving a few minor points before the job is offered. No more talks will take place with any other candidate.
Former Leicester City and Derby County manager Nigel Pearson and ex-England boss Sam Allardyce had previously been linked with the vacancy at Molineux.
The club is determined not to take any focus away from the Derby game, but the deal should be finalised and confirmed within 48 hours.
Lambert seen as safe pair of hands
Another factor in Lambert’s favour is his willingness to embrace new training methods picked up on his frequent visits to Germany, where he won a Champions League winners’ medal with Borussia Dortmund in 1997.
Lambert, who led Norwich to promotion to the Premier League in 2010-11, is seen as a safe pair of hands after the gamble of appointing Zenga in July.