According to the same source, the Wolves have agreed to pay €8.5 million for the Croatia international, who is on his way to Turkey, where Wolfsburg are preparing for the second part of the season.
The final contract details should be sorted out later today, with the official announcement just around the corner.
Ivan Perisic is expected to help playmaker Diego in the creative department as well as assist his international teammate Ivica Olic and Bas Dost in attack.
Persic, 23, was unhappy with the lack of playing time at Signal-Iduna Park and said in no uncertain terms that he wanted to leave Borussia in search of first team football.
Having done so well every time he was called upon by Jurgen Klopp, the Croat will undoubtedly be a great addition to the squad at Volkswagen Arena.