Rob Edwards is set to be appointed manager of Wolves after Middlesbrough reluctantly gave permission for the 42-year-old to speak to the Premier League strugglers.
Middlesbrough had initially rejected an approach for Edwards, who only joined the club in June.
However, Edwards, a former Wolves player, has expressed his desire for a move to Molineux and was stood down for Boro's Championship game at home to Birmingham on Saturday.
"Middlesbrough Football Club have, subject to the completion of an agreement with Wolverhampton Wanderers FC, given head coach Rob Edwards permission to speak to Wolves," the second-tier side said in a statement.
"We initially rejected an approach from Wolves on the basis that Rob signed a three-year contract with MFC less than six months ago.
"Following discussions with Rob, we were disappointed to learn that he wanted to speak with Wolves regarding their head coach vacancy. We have now agreed terms with Wolves, subject to completion of the relevant paperwork."
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Edwards faces a huge task to extend Wolves' eight-year stay in the Premier League.
Vitor Pereira was sacked after taking just two points from their opening 10 league games to leave them rooted to the foot of the table.
James Collins will take interim charge when Wolves travel to Chelsea later on Saturday.