The 24-year-old is to head to Wolves' Compton training ground today to undergo his medical, with Nuno's side understood to have agreed a deal worth just under £17m with Olympiacos to seal his move to Molineux.
The Portuguese forward is set to replace Patrick Cutrone, who ended his spell at Molineux by joining Italian side Fiorentina on a loan-to-buy deal earlier this month.
Best utilised on the left flank, Podence can also play off the striker or on the right wing. He's netted five goals so far this season in 27 appearances.
His signing would constitute the first senior incoming of the January window for Wolves, with Leonaro Campana set for U23s action in the Black Country having joined earlier this month.
Meanwhile, interest in Nelson Oliviera has cooled, with AEK Athens upping their asking price to more than £6m.