The Brazilian had been strongly linked with Chelsea, but contrary to previous reports, the player’s preference was always Molineux.
Lima is expected to sign a five-year deal with a club option of a further year.
The signing is a major coup for Wolves and comes swiftly after the £12.7m singing of Rodrigo Gomes last week.
Fellow countryman Matheus Cunha spoke glowingly about Lima and was hopeful the club could do a deal.