It's understood the initial fee would be around £25 million, an amount that could approach £30 million with added installments. That would smash the previous club record of £18 million set last summer for dribbling whiz Adama Traore.
"I like it very much here. I'm enjoying the team and how I play. It feels very good to be here," Jimenez said after winning Man of the Match honors in his side's FA Cup quarterfinal dismissal of Manchester United. "I was looking for this sort of feeling since I arrived in Europe, to have this confidence and the games.
"Now that I have it, I don't want to lose it. We all know that we are a team and we are all important here."
Jimenez, who made 80 league appearances for Benfica over three seasons following one year at Atletico Madrid, has been the focal point of Wolves' three-man attack under Nuno Espirito Santo.
The 71-capped El Tri standout has a club-best 12 league goals this season along with six assists.