While the West Midlands outfit have been active in the transfer market, new head coach Nuno Espirito Santo is yet to bring in a new forward ahead of the new Championship campaign.
However, according to the Birmingham Mail, Bonatini is expected to move to Molineux in the coming days after undergoing a medical at their training ground.
Last season, the 23-year-old netted 15 goals in 36 appearances for Saudi Arabian team Al Hilal, a period which has come after the Brazilian netted 20 goals for Estoril in Portugal's top flight during the 2015-16 campaign.
If a transfer is completed, Bonatini will become the 11th first-team signing ahead of the start of the second tier next weekend.
Wolves begin the season with a home fixture against title contenders Middlesbrough, before facing trips to both Derby County and Hull City.