The two clubs are thought to have agreed a six-figure fee for the 31-year-old, who will soon undergo a medical with the League One outfit.
"If all goes well today I will be delighted that Sam will be my first signing as head coach of Wolves," said manager Kenny Jackett. "Sam can fill any of the back four positions and brings a wealth of experience and quality to our club.
"Professionally he is a first-class individual and I am looking forward to working with him again."
Full-back Ricketts and Jackett have previously worked together at Swansea City.