A deal for the 20-year-old is nearing completion, for a fee of around £4.5million.
Mosquera has been playing for Atletico Nacional in his homeland and also been linked to both Manchester United and Manchester City, as well as Belgian side Club Brugge.
Wolves are now set to get him in, and it is understood he will be a part of Lage's first-team squad going into next season.
Mosquera has made 16 appearances in the Colombian Primera A. Recruitment staff are believed to see him as a significant coup given there was interest from several clubs, and are excited over how much potential he has.
This is the first time the club have utilised new government rules which allow access to young talent outside the European Union, and it is understood the signing could not have happened before Brexit.
Technical director Scott Sellars recently said on the rules: "We certainly have to spend a lot of time on it; it’s not just looking at the player and saying he’s a really good player, we’re going to have to go on to the GB calculator and see if we can actually sign the boy, so it’s made the market more difficult.
"But it does open up South America, as (chairman) Jeff (Shi) said before, Asia, North America, so again we’ll certainly be looking all over."
Mosquera will join skipper Conor Coady, Willy Boly, Romain Saiss and Max Kilman in the senior centre-half ranks. Dion Sanderson has returned from a loan spell at Sunderland as well.
Meanwhile, the process of announcing Lage’s backroom staff has been delayed.
The group, which will include Lage’s younger brother Luis Nascimento, are still going through the process of being granted work permits.
Official confirmation from the club was originally expected to come this week, but it might not arrive for another couple of weeks now.
Wolves are thought to be relaxed about the situation, though.