Peterborough United have agreed a fee with Wolves for the permanent transfer of midfielder Nathaniel Mendez-Laing.
The 19-year-old scored five times during a season-long loan spell at London Road last season, including three goals in his final five games.
Posh owner Darragh MacAnthony told BBC Radio Cambridgeshire: "I've paid nearly a quarter of a million pounds to get the lad on board.
"It's a permanent deal because I've never been that keen on loans."
The winger was used predominantly as an impact substitute last season, making 28 of his 40 appearances off the bench.
Posh have said the club are still to agree personal terms with Mendez-Laing, who will also need to undergo a medical.
Meanwhile trialists Junior Konadu and Danny Uchechi will be handed another chance to impress when Posh face Gillingham on Saturday.
Midfielder Konadu, 24, and striker Uchechi, 21, were involved in Tuesday's 4-2 win at Crawley.
Posh will complete their pre-season fixture schedule with Saturday's match.
Konadu started his career in non-league football and spent a year with Dagenham & Redbridge before suffering a serious broken leg.
He played for St Neots in the United Counties Premier Division last season.
Uchechi spent time on trial at Aberdeen earlier this summer, and featured for Posh in wins over Notts County and St Neots.
MacAnthony has also said he is hoping to complete two further deals early next week.
"The gaffer is making a final check on a centre-back at a pre-season friendly and that will be a loan as we need some back-up," he said.
"We're also working on a central midfielder which will be a permanent deal and we'll be spending a bit of money on that."
Further to this, MacAnthony has confirmed that a deal is in place to sign an unnamed England under-20 left-back, believed to be Chelsea's Ben Gordon, once the player returns from international duty.