Wolves will confirm Stale Solbakken as their new manager later this morning, Press Association Sport understands.
Norwegian Solbakken reached agreement last night with Wolves owner Steve Morgan and chief executive Jez Moxey to take charge at Molineux.
The 44-year-old former FC Copenhagen and Cologne coach will be officially unveiled at a press conference on Monday, a day after the relegated club's final game of the season at Wigan.
Solbakken has won the race to succeed Mick McCarthy - sacked in early February - ahead of interim boss Terry Connor and Birmingham manager Chris Hughton, who was another candidate.
The length of his contract has not been confirmed but former Wimbledon player Solbakken will officially take control at Wolves on July 1. He has an impressive pedigree although his copybook was blotted last month when sacked by Cologne, who were then third from bottom of the Bundesliga.
But before that Solbakken had led Copenhagen to five Danish titles. He is a former Norwegian international but his playing career came to an end after he suffered a cardiac arrest on the training ground at Copenhagen, who were then managed by new England boss Roy Hodgson.
Connor stepped up from the background staff to replace McCarthy until the end of the season, but Wolves have not won any of his 12 games in charge. It is believed Connor will retain a role at Molineux as part of the backroom staff after 13 years service with the club.
Morgan and Moxey will hope Solbakken can pump new life into a team which has endured a dismal campaign and seen their three-year spell in the Barclays Premier League come to an end.
He has Champions League experience with Copenhagen and steered them to a shock win over Manchester United six years ago, as well as holding Barcelona to a 1-1 draw in 2010.
But the Championship will be a new experience for Solbakken. Morgan has already promised that funds will be made available to try and restore Wolves to the top flight at the first attempt. But Solbakken faces a fight to hold on to the likes of top scorer Steven Fletcher, fellow striker Kevin Doyle and England winger Matt Jarvis.