Stearman, who has represented England at Under-21 level, plans to switch allegiance to the Republic.
The 25-year-old qualifies for Ireland through his mother's family and he is set to make himself available to Giovanni Trapattoni's side.
Stearman is thought to have gained international clearance to allow him to link up with the Republic.
The versatile defender, who started his career at Leicester, enjoyed a successful spell on loan at Ipswich last season before returning to Wolves this summer.
Ipswich are thought to be interested in bringing Stearman back to Portman Road on a permanent basis and the defender is keen to sort out his future so that he can be available for Trapattoni's next squad for next month's friendly with Wales.