Sporting have settled on an undisclosed fee with the Premier League club and the 24-year-old striker is set to join on 1st July on a four-year contract, subject to the relevant paperwork being completed.
Hughton is delighted to secure the signing of Van Wolfswinkel, who has scored 82 goals in 188 appearances for Sporting, FC Utrecht and Vitesse Arnhem.
"Ricky's profile is a perfect fit for us - he's young, ambitious and a proven goalscorer," Hughton told the club's official website.
"He has an excellent goalscoring pedigree and he's a young man very keen to continue his personal progression and to play in England. He's already an exciting talent but he still has more development as a player ahead of him.
"I'm delighted we've been able to agree a deal with Sporting Lisbon and with Ricky and we look forward to welcoming him to the squad in July, once all of the paperwork gets sorted out."