The 30-year-old moved to the Vitality Stadium just a year ago from Stoke City, but he failed to make a single Premier League appearance.
The Cherries ended up sending the defender on loan to West Bromwich Albion in the second half of the season, but he made just four outings.
It was initially thought that the Baggies wanted to sign Wilson on a permanent deal before today's 11pm deadline, but Sunderland appears to be the destination.
According to The Mirror, the Black Cats are prepared to offer the defender more first-team opportunities in the Championship.
Wilson spent six years at Stoke before joining Bournemouth in 2016.