According to the same source, the Wolves have accepted an offer of €2 million for the player’s services, with Kjaer expected to sign a four-year deal with les Dogues.
The Denmark international is set to undergo a medical on Friday, after which he will commit his future to the Grand Stade Lille Metropole outfit.
Simon Kjaer arrives at the club as a replacement for long-serving stopper Aurelien Chedjou, who joined Galatasaray in June.
The 24-year-old has spent last three years at Wolfsburg, although he did enjoy a loan spell with Roma during the 2011/2012 season.
He has scored 2 goals in 22 Bundesliga appearances since returning from Stadio Olimpico, but has decided to embark on a new challenge after the Wolves continued their downtrend in fortunes. Simon Kjaer has earned 33 Denmark caps up to date, scoring one goal in the process.