The West Midlands outfit secured a season-long loan deal for the South Korea international in the summer, a proposal which came with the option to buy at a later date.
While the 25-year-old has scored four goals in 14 Premier League appearances, he has been sidelined since injuring his hamstring against Brighton & Hove Albion on December 15.
Nevertheless, according to The Telegraph, Wolves have decided to take the opportunity to sign Hwang this month, rather than wait until the end of the campaign.
Wolves will allegedly pay £14m for the forward, who will presumably pen a long-term contract at Molineux.
Subject to confirmation from the club, the deal will be viewed as a response to the likely sale of Adama Traore to Tottenham Hotspur for a bigger fee. body check tags ::