Blackburn midfielder David Dunn has confirmed his 27-year association with the club will end in the summer.
Liverpool manager Brendan Rodgers refused to deny his club are attempting to sign PSV winger Memphis Depay.
The Croatia international flew to Belek, Turkey, where the Wolves are preparing for the second half of the season after the two clubs reached an agreement over a transfer.
"I expect we will be able to present Ivan as a new signing over the course of today," said Wolfsburg's director of sport Klaus Allofs on the club's official website.
Perisic will sign for Wolfsburg upon successfully passing his medical on Sunday.
Meanwhile, Wolfsburg have sent midfielder Jungbin Park on loan to Greuther Furth for 18 months.
"It is important for him that he is able to gain match practice at professional level, which is why this is the right step for his further development," said Allofs.
The 18-year-old will spend the rest of the current season and all of next on loan with the Bavarians.