A fee in the region of £22.5million, with a further £865,000 in add-ons, has been agreed between the two clubs as they look to get the move over the line.
Personal terms have not yet been agreed with the Nigerian international and no medical has been booked in, but the player is keen on the move.
As a result, it is expected that personal terms will be completed soon and a medical will be arranged to make him Wolves' sixth summer signing.
Wolves are still determined to keep Jorgen Strand Larsen, amid interest from Newcastle, and any move for Arokodare is not believed to be linked to the Norwegian's future.
Arokodare, 24, has one goal in four games so far this season and has 41 goals and 12 assists in 113 appearances for Genk.