He has been heavily linked with a return to the Bundesliga and Vfl sporting director Klaus Allofs, who brought him to the Weserstadion last term, says his move is imminent.
"We are nearing the completion," he told Allgemeine Zeitung.
Meanwhile, Chelsea manager Jose Mourinho has confirmed that the 22-year-old will soon be leaving Stamford Bridge.
"Kevin De Bruyne is more than probably leaving. It's not closed but it's close," he told reporters at a press conference.
De Bruyne, who is expected to fetch Chelsea around 20 million euros, is likely to be presented to Wolfsburg fans on Sunday.