Pogatetz spent time on loan at West Ham United last season but Sam Allardyce decided not to offer him the chance to stay on.
The Austrian defender, formerly of Middlesbrough, will not be returning to Wolfsburg and will instead make the move to Nurnberg.
Nurnberg will receive around £4.7million as well as Pogatetz after agreeing to let the highly-rated Klose join their Bundesliga rivals, and general manager Martin Bader is delighted to have landed such a high-quality replacement.
"After we decided to accept the decision of Timm Klose to join Wolfsburg, we are delighted to be able to sign an experienced Bundesliga defender in Emanuel Pogatetz," Bader told Deutsche Presseagentur.
"He will be strengthening our squad. We will formally sign all necessary papers after he has passed the medical."