The 21-year-old midfielder had been a prime target for Julen Lopetegui this month, though the move was put in doubt when Lyon attempted to hijack it by offering the Brazilian club a more lucrative offer.
But Gomes made clear he only wanted to join Wolves and the clubs eventually reached agreement on a deal last night.
Gomes is expected to sign a five-and-a-half year contract and will arrive in the Midlands early next week to complete the switch ahead of Tuesday’s transfer deadline.
A product of Flamengo’s youth system, Gomes is considered one of the brightest young talents in Brazil and has already won a number of honours at club level, including the Copa Libertadores.
He will become Wolves’ sixth and most likely final signing of a busy first transfer window for Lopetegui, which has seen the club commit to more than £75m in transfer fees as they battle against relegation from the Premier League.
A loan deal for Atletico Madrid striker Matheus Cunha, which includes an obligation to buy for £43m in the summer, was agreed for the start of the month.
Wolves have also added midfielder Mario Lemina from Nice for £9m and forward Pablo Sarabia from Paris St-Germain for £4.4m, while defender Craig Dawson arrived from West Ham for £3.3m and goalkeeper Dan Bentley was signed from Bristol City for a nominal fee.