The 17-year-old was one of 14 youngsters to sign a two-year full-time scholarship at Wolves last summer, but after making his first team breakthrough under Vitor Pereira last season, Mane is now set to sign his first professional deal.
It is understood the forward turned down interest from other Premier League clubs - while some European sides were monitoring him - in favour of staying at Wolves.
Mane has now agreed the deal and will sign the contract in due course.
The teenager made his senior Wolves debut on May 10 at Molineux against Brighton as a late substitute, making him the youngest ever player to make his Premier League debut for the club.