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The Brazilian striker is due to arrive at Thessaloniki by the end of this week in order to finalise paperwork and start training with his teammates.
The report claims that PAOK were also eyeing up a move for former Panathinaikos striker, Marcus Berg but chose to go with the Wolverhampton forward due him being younger of the two. The Greek outfit recently sold Aleksandar Prijovic to Al-Ittihad, leaving behind a vacancy in the number nine spot.
Bonatini was a key figure in Wolves’ dominant run in the Championship last season even though his scoring form dried up halfway into the 2017/18 campaign. Nuno Santo decided to pull the trigger on his buy-back clause and signed him permanently from Al-Hilal last summer.
The 24-year-old however, has struggled to hit his stride at the Molineux this term, making just seven substitute appearances in the Premier League and managing a single goal and assist in Carabo Cup.
Of course, Ruben Neves’ regular selection has not helped Bonatini gain back confidence in front of goal.
With the Mexican forward performing consistently for the side and various attackers in the form of Diogo Jota, Ivan Cavaleiro, Helder Costa and Adama Traore in the side as options, Santo can afford to send Bonatini out on loan.
After all the club did invest £3.6m in the striker and would like to either keep him as a usable piece for later or sell at a profit.