Attacking midfielder Sako has agreed personal terms and looks set to join a Palace squad that could also include Newcastle captain Fabricio Coloccini, if boss Alan Pardew has his way.
Pardew, who knows Coloccini well from their days together at St James’ Park, is hoping to lure the Argentinian centre-back to south London.
Mali international Sako has scored 36 goals in 111 league games for Wolves, and was the Championship club’s joint leading scorer last season.
Pardew, speaking to Sky Sports News HQ at Wednesday’s Premier League launch, said: “I’d like to think I’d add one today. If we can get him over the line he’ll be an exciting player.
“We’ve got a bit of business to do. We might have to bring one more player in. I’d run with the players we have got now.”