Sky Sports reported Jimenez had agreed personal terms on a four-year deal, with the fee surpassing the 18 million pounds Wolves paid for Adama Traore last August.
Mexico international Jimenez has helped Wolves reach seventh in the Premier League and an FA Cup semi-final place against Watford on Sunday.
(Reporting by Hardik Vyas in Bengaluru; Editing by Peter Rutherford)
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