Bolton have triggered a release clause in striker Davies' contract, understood to be £300,000, while Barnsley have also agreed an undisclosed bid for defender Wiseman, with both players now discussing personal terms with their possible new employers.
Barnsley director Don Rowing told Press Association Sport: "Craig is talking to Bolton and we expect the deal to be completed early this week if he can agree personal terms with them.
"We have accepted a bid from Bolton for Craig. He has a release clause in his contract, which many players do these days, and they have met that, so now it's up to the player to agree everything with Bolton.
"With regards to Scott Wiseman, we're in talks with Blackpool regarding the financial package and we've given them permission to speak with Scott.
"We're happy with the bid Blackpool have made and if we can get the right package with regards to how and when they can pay that, it will then depend on whether the player can agree personal terms with Blackpool."
Wales international Davies, 26, who joined Barnsley on a free transfer in the summer of 2011 following the expiry of his contract at Chesterfield, scored 11 goals last season and has registered nine in 23 appearances this time around, including a four-goal haul in the 5-0 televised win at Birmingham in September.
Wiseman followed former Rochdale boss Hill to Oakwell from Spotland in June 2011 for an undisclosed fee and the 27-year-old has been a regular starter for the Tykes, making a total of 68 appearances and scoring one goal.