A loan deal with a permanent option in the summer, subject to a work permit being granted, is set to be announced.
The 29-year-old Brazilian will spend the rest of the season at Molineux, and it is understood the final agreement between the clubs will see Wolves have the option – not an obligation – to buy him for around £22million (25m Euros).
It is believed he will arrive in England next week once all the necessary paperwork - new Brexit rules delaying the process slightly - is completed.
Jose has scored more than 50 La Liga goals for Sociedad and has previously been close to joining both Tottenham and Atletico Madrid.
Wolves are bolstering their attack while Raul Jimenez continues his recovery from a fractured skull, and it is also thought Patrick Cutrone could return to Italy before the end of the month.
Seria A sides Parma and Benevento are said to be interested in securing his services.