The 20-year-old – also known as Vitinha – is due to join Wolves later this week once back from Portugal Under-21 duty.
He will be part of their squad to face Belarus tomorrow, along with Molineux duo Pedro Neto and Ruben Vinagre, and will then join on a season-long loan with a view to a permanent deal.
It is understood Wolves would have to pay around £18million to make his stay permanent.
Ferreira – a client of Jorge Mendes – made eight appearances as Porto won both the Primeira Liga and Taca de Portugal last season.
The attack-minded central midfielder's arrival is set to follow that of teenage striker Fabio Silva from the Portuguese side for £35m – a new club-record fee for Wolves.
Nuno Espirito Santo's charges also snapped up Lyon defender Fernando Marcal at the weekend, stepping up their transfer activity ahead of the start of the new Premier League season at Sheffield United on Monday.
Meanwhile, Vinagre has been linked with a move to Porto but nothing is thought to be imminent.