The 23-year-old Portuguese forward is set to head to Anfield for an initial £41million – potentially rising to £45m in add-ons – with confirmation expected over the weekend.
In line to swap the Reds for Wolves in a separate deal, meanwhile, is young defender Ki-Jana Hoever for around £9m before add-ons which could take the fee to £13.5m.
Jota's imminent departure comes after he was suspiciously left out of the Wolves squad against Stoke in the Carabao Cup on Thursday night – arriving at the ground and then leaving before kick-off.
He was an unused substitute as Wolves beat Sheffield United in their first game of the new Premier League season and was then absent against the Potters.
Asked about the situation afterwards, boss Nuno Espirito Santo was coy while repeating the forward was ‘not available’ for the game.
“He was not available for the game,” said Nuno.
“He wasn’t available, these are decisions we have to make. We have to prepare the squad, have to know what is the moment of the season.
“It was a big turnaround, we have to take care of the players, improve our squad and our team and he was not available for the game. These are our decisions to make.”
He added: “You are going to speculate a lot. He was not on the squad list. Period.”
Jota has scored 44 goals in 131 appearances for Wolves since joining from Atletico Madrid, initially on loan before completing a permanent move in the summer of 2018 for £13m.
Hoever, meanwhile, could potentially come in as a right-wing-back after Matt Doherty’s sale to Tottenham.
He has played as both a right-back and centre-back in the Reds’ youth ranks while making four senior appearances for Jurgen Klopp’s side.
Formerly of Ajax, the 18-year-old Dutchman made his senior bow in the FA Cup against Wolves at Molineux last year.
He has since played three more times in cup competitions and only signed a long-term professional deal at Anfield last summer.
Although he has played as a centre-half under Klopp, 5ft 9in Hoever considers himself a right-back as he said last month: “I see myself as a right-back at the moment.
“I’m a right-back that can play centre-back. As a right-back I like the attacking aspect.”