The Wolves have made no secret of their desire to sign the 22-year-old midfielder and the club's director of sport, Klaus Allofs, believes he will soon be able to sanction the move.
"It's not that we can confirm the deal just yet, but we are no longer so far apart with Chelsea that we can't bridge the differences," he said in the Wolfsburger Nachrichten newspaper.
Chelsea have been reluctant to let De Bruyne go on a permanent deal, even though he has fallen out of favour under Blues boss Jose Mourinho.
The Barclays Premier League club want another loan move for the Belgian, who spent last season at Werder Bremen, scoring 10 goals in 34 appearances.
However, Wolfsburg, who are backed by the German automobile manufacturer Volkswagen and have arguably the biggest spending power in the Bundesliga behind Bayern Munich, prefer a permanent move.