West Ham and Wolves have agreed a deal that will see winger Matt Jarvis - a summer-long target for Hammers manager Sam Allardyce - move to Upton Park for a fee of almost £11 million.
Reports suggest officials from the two clubs held talks deep into Wednesday night before finally striking the deal. Jarvis, 26, will now travel to east London to discuss personal terms and undergo a medical.
West Ham had seen two bids rejected by Wolves before coming back with what was described as a "take it or leave it" offer earlier this week. That fee - around £7.5 million up front with the rest to follow in add-ons - finally ended the transfer saga.
Wolves manager Stole Salbakken had said after the club's 3-1 home win against Barnsley on Tuesday that discussions over Jarvis were "now on the top political level".
The winger, who has been capped once by England, had been eager to move on, and Wolves' decision to do business now has given them time to sign a replacement.
"There could be busy days before September 1," Solbakken said. "There's a lot of activity likely, although I don't think anyone knows what.
"I am quite sure players will come and players will go. If it comes to losing Steven Fletcher and Jarvis, we have a job to do. You can't replace those players with other players and it becomes a case of building a team, which can take time."
FC Copenhagen's Christian Bolanos, a Costa Rica international valued at around £3 million, has been mooted as potential replacement for Jarvis.