The Ukraine worldwide, who made 14 appearances in all competitions last season for the Blues, is scheduled to undergo a medical and finalise personal terms on a move that will make him Wolves' second-most expensive signing of all time.
The club had lined up a medical for him on Thursday afternoon, but Zinchenko has not left Manchester, and it is understood he wants to stay at City and fight for his place.
Wolves are expected to complete the signing for Belgium global Leander Dendoncker before the transfer window closes at 5pm on Thursday, and have already brought in a wide range of talent this summer including Middlesbrough's Adama Traore for a deal worth up to £20m.
Plane stolen from SeaTac International Airport, multiple sources claim
There was no indication that the incident was an act of terror, the Pierce County Sheriff's Department said on Twitter . The sheriff said he was probably killed in the crash . "It was unfathomable, it was something out of a movie", he said.
"It is unlikely that the player will change his mind in the last hours of the transfer window as it could go in a "Wolverhampton" a month ago", - wrote British journalist Tim Nash.
But despite the encouraging displays, the 21-year-old remains on the periphery of Pep Guardiola's squad and City are willing to sell for £16m.
He returned to Manchester for the 2017/18 season and made 16 first team appearances, eight of which came in the Premier League as City romped to the title.