Eddie Howe, the Bournemouth manager, confirmed Telegraph Sport's exclusive story on Friday that a deal was expected to be completed over the weekend after his side's 2-1 win at Birmingham in the FA Cup.
"There are still hurdles for us to overcome but we're hopeful it will be concluded in time for Tuesday night".
Bournemouth are looking to bolster their squad in the current transfer window and have reportedly offered £10m to sign the prolific hitman.
Howe has already strengthened his attacking options with the arrival of Juan Iturbe on loan from Roma until the end of the season with a view to a permanent move.
The deal for Afobe tops the previous transfer record which was the £8million paid out for Tyrone Mings, who joined from Ipswich Town in June.
"I felt we needed a striker", added Howe. It has left us very light and we need firepower.
Bournemouth have put in a £10million offer for Wolverhampton Wanderers forward Benik Afobe, according to Sky sources.
Afobe progressed through the ranks at Arsenal and had loan spells at Huddersfield, Reading, Bolton, Millwall, Sheffield Wednesday and MK Dons.
Cherries' Premier League rivals Norwich had several bids for Afobe rejected in the summer, while Aston Villa had also been tracking him.
The talented striker has ten goals in 27 appearances in all competitions this season, though with Wolves struggling somewhat in mid-table their chances of holding on to Afobe appear slim.
