Wolves boss Kenny Jackett has confirmed that a verbal agreement is in place for the loan of Emiliano Martinez from Arsenal.
The club's official Twitter account carried the story, along with the claim that a deal should "hopefully" be completed today (10 August).
Martinez is not expected to feature in the Arsenal first team this season, with Petr Cech the new number one at the Emirates Stadium and David Ospina serving as his deputy.
The departure of Wojciech Szczesny on loan to Roma makes the Argentinian third choice under Arsene Wenger, but the manager has deemed the 22-year-old custodian surplus to requirements at the current time.
Martinez does have experience in the Football League, having enjoyed spells with Oxford, Sheffield Wednesday and Rotherham United since joining the Gunners back in 2010.
He made four Premier League appearances for his parent club last term, now looks set to return to the Championship to continue his development at Molineux. He will challenge Carl Ikeme for a place in the starting line-up.
The move will further cement the relationship between the two clubs, with Jackett enjoying the qualities of Arsenal youngster Benik Afobe on a similar deal last season.
Wolves also have Sheyi Ojo on loan from Liverpool until the end of the current campaign, while Adam le Fondre has been drafted in on a season-long deal from Cardiff. Both came off the bench in the 2-1 opening day victory at Blackburn Rovers.