Borussia Dortmund coach Jurgen Klopp has ruled out selling Marco Reus or Mats Hummels this summer.
Leicester City have completed the signing of Argentine striker Leonardo Ulloa from Brighton on a four-year contract.
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.