The Cobblers turned down an offer from an unnamed Championship club last week but Wolves have maintained their interest in the raw 18-year-old.
Local newspaper the Express & Star suggests a medical has already been undertaken and that the deal will go through as a loan to beat this week's deadline before being made permanent in January.
As always when a homegrown talent leaves the club it will be a bittersweet moment for Northampton but the bulk of the money received should be available to Chris Wilder to strengthen his squad for a promotion push.