The 21-year-old is on course to complete a move this week after agreement between the clubs was reached on Sunday evening.
Lopez will bolster a Wolves attack which has seen Pablo Sarabia and Matheus Cunha head through the exit door this summer, though it is not thought the club view him as a direct replacement for the latter.
A product of Celta’s academy, Lopez enjoyed a breakthrough season in La Liga, scoring four goals in 20 appearances in all competitions.
Lopez is a client of Jorge Mendes’ Gestifute agency and already well known to one member of the Wolves, striker Jorgen Strand Larsen, who moved to Wolves from Celta last summer. The pair were pictured together on holiday over the weekend, when news of Wolves’ interest in Lopez first emerged.
Strengthening in attacking areas was always going to be a priority this summer following the exits of Sarabia and Cunha, this season’s top scorer, who has moved to Manchester United for £62.5m.
There are also doubts over the futures of winger Goncalo Guedes and forward Hwang Hee-chan heading into the transfer window, which officially reopens on Monday (June 16).
Wolves can expect to learn soon whether captain Nelson Semedo will agree a new contract or leave on a free transfer.
The 32-year-old has been offered a new four-year contract but already filmed a farewell video should he depart.