The two clubs have agreed a six-figure fee for the 31-year-old full-back, who is having a medical on Wednesday ahead of the proposed switch.
Jackett was the man to hand Ricketts a step up into the Football League, snapping him up from Telford United during his time in charge of Swansea City.
The Wolves boss, who was previously coy on speculation regarding Ricketts, is excited at being reunited with the player.
He told the Express & Star: "If all goes well today I will be delighted that Sam will be my first signing as head coach of Wolves.
"Sam can fill any of the back four positions and brings a wealth of experience and quality to our club.
"Professionally he is a first-class individual and I am looking forward to working with him again."
Ricketts' impending move comes after Bolton's capture of Blackpool right-back Alex Baptiste.
Trotters boss Dougie Freedman said: "Sam's been a very good servant for this football club but I can't, honestly, sit here and guarantee him a position in the team."