The Dutch defender only made 10 appearances in all competitions in 2021/22, with only two of them coming in 2022.
Despite an impressive performance in the 0-0 draw with Chelsea in December, one of his six starts last season, the 20-year-old struggled in his limited minutes.
He was also on the end of a dressing down from head coach Bruno Lage who called out the youngster for failing to prepare correctly and said that his injury against Crystal Palace was a result of his poor attitude.
The Express & Star reported that Wolves would be willing to let Hoever move on this summer for the right deal and it is now understood a loan move back to the Netherlands has been agreed.
A medical is likely to take place this week before any deal is announced.
Hoever joined Wolves for £9million in September 2020 in a deal from Liverpool which could rise to £13.5million with add-ons.
The Merseyside club hold a 15 per cent sell-on clause over any future deal, while it is not clear whether PSV have a buy option in their loan move for the defender.