Newly-promoted Wolves announced the news on Twitter on Wednesday morning with the caption: "Bienvenido Adama" to welcome Traore to Molineux. The young winger has passed his medical at Wolves and will later put pen to paper on his new contract.
Wolves have paid Middlesbrough £10m of the transfer fee up front with the remainder due in installments depending on the number of appearances the player makes among other things.
Traore made 40 appearances for Boro last season, scoring five goals, as they reached the Championship play-offs. His transfer is expected to become official shortly.
Boro have been linked with the likes of Tom Huddlestone, Yannick Bolasie and Martyn Waghorn but in Newton Aycliffe-born midfielder Wing - signed quietly from non-league Shildon past year - they may have a talent who can help soothe any disappointment Pulis might feel if his main transfer targets are not lured to Teesside.
"I'm so happy, it's a great day for me and my family and hopefully for the team", Traore told Wolves TV.
Asked whether he shares Wolves" ambitions as a club, Traore said: "Definitely. "I know the history of Wolves".
Tony Pulis's Middlesbrough claimed an impressive 3-0 victory over Sheffield United on Tuesday (Aug 7), while West Brom struck late at Nottingham Forest to grab their first point of the English Championship season.
He went on to say that "Adama was my best buddy so to lose him is really hard". It is a team with a big history and when people tell me I had the possibility of coming here I thought it was great.
Pulis wished Traore the best at Wolves and added: 'We did offer Adama a contract, a very good contract, but he wants to stretch himself'.
He left Barcelona in 2015 to sign for Aston Villa.
He played 11 times for Villa in his debut season in England before joining Boro ahead of the 2016-17 campaign, which ultimately ended in relegation from the Premier League.
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