Liverpool have agreed to sign Wolves forward Diogo Jota for £41m in a deal that could rise to £45m with add-ons.
The move for the 23-year-old Portugal winger follows Liverpool's signing of Spain midfielder Thiago Alcantara from Bayern Munich.
In a separate deal, Wolves are set to sign 18-year-old Dutch defender Ki-Jana Hoever from the Reds.
Hoever's move is expected to be worth £9m, with a possible further £4.5m in add-ons and a 15% sell-on clause.
Jota joined Wolves on loan in their 2017-18 Championship-winning campaign, making a £12.8m permanent switch in 2018.