Chelsea boss Jose Mourinho confirmed on Friday that two offers had been received for the Belgium international midfielder, one of which he said would interest the Blues and the player.
De Bruyne, 22, has only played nine games, three of them in the Premier League, this season.
Wolfsburg sporting director Klaus Allofs told the Wolfsburger Nachrichten that the player would have a medical early this week and join his new team-mates on a training camp in China.
He said: "We're not quite at the stage of confirming the transfer, but the differences with Chelsea are not insurmountable."
De Bruyne, under contract with Chelsea until 2017, is understood to be keen on a return to Germany, where he spent a successful season on loan at Werder Bremen last year.
And for Wolfsburg, he could be the ideal replacement for Brazilian Diego, who is expected to leave the club at the end of the season.