Julen Lopetegui has already stamped his authority on the first-team squad at Molineux, completing four signings in January with more expected to follow.
As it stands, defender Craig Dawson, midfielder Mario Lemina, playmaker Pablo Sarabia and forward Matheus Cunha have all made the switch to the West Midlands.
However, it was recently claimed that Lopetegui was also keen to bring in a more experienced understudy to first-choice goalkeeper Jose Sa.
Although Matija Sarkic featured against Liverpool in the FA Cup on January 7, the Montenegro international did not play in the replay against the same opponents, an indication that a transfer was in the offing.
According to journalist John Percy of The Telegraph, Sarkic will be making the loan switch to Stoke City.
The same reporter says that Bentley will be departing Bristol City to take his place as the deputy to Sa for the rest of 2022-23.
Bentley will allegedly undergo a medical on Wednesday before completing a permanent transfer from Ashton Gate to Wolves.
While the 29-year-old has made 15 appearances in all competitions this season, he has not featured in the Championship since October 8.
Nigel Pearson has instead preferred Max O'Leary between the sticks, and the situation is unlikely to change anytime soon with the Robins currently on a six-match unbeaten streak.
Bentley has been with Bristol City since June 2019, making a total of 143 outings in all competitions, while he has also represented Southend United and Brentford.
Although a transfer fee has not been revealed, Bentley's contract had been due to expire at the end of the season, with Bristol City taking the change to cash in on his signature for a cut-price fee.
Should the transfer go through as expected, Bentley will be in line to feature on the substitutes' bench when Wolves play host to Liverpool on February 4.