The west Midlands outfit have been actively on the search for a new centre-forward this month with Raul Jimenez still unavailable after surgery for a fractured skull.
The club have been in constant negotiations with Sociedad for Jose in recent days and they have now finalised a suitable deal to land his services.
The 29-year-old is set to join Wolves on a temporary basis for the season and they have negotiated a buy option of around €19 million, as per Romano.
In the absence of Jimenez, Wolves have lacked a focal point in attack who can hold-up play and provide a threat from set-pieces.
Fabio Silva has been the regular choice to lead the line in recent weeks, but the youngster is still learning his trade and does not possess the same physical presence.
In Jose, Wolves will have a more experienced option to lead the line and the Brazilian should ease some of the burden on Silva.
The striker has proved a solid option up front for Sociedad, scoring more than 10 league goals in each of the last four seasons.
He should prove a better fit for Wolves as he can act as a target man and bring his teammates into play on the counter-attack.
Stats from Transfermarkt.com