The Portuguese international will pen a five-year deal with Liverpool after personal terms between the two parties were quickly established.
Liverpool could move teenage defender Ki-Jana Hoever to the Wolves as part of the negotiations for an initial £9-million fee that could rise to £13.5 million based on performance-related bonuses.
Jurgen Klopp apparently admires Jota's work rate and versatility - he could feature in any position across the German's three-man frontline and comes with match experience as a withdrawn striker last season. Ismaila Sarr has also attracted interest from Liverpool, but Romano believes the club did not submit a bid for the Watford winger and Jota is their "main target."
Jota, 23, scored 13 goals in the Premier League and Europa League in 2019-20 and earned his first Portugal cap in November 2019. Wolves omitted him from the squad for Thursday's 1-0 League Cup loss to Stoke City.
News of Liverpool's reported pursuit of Jota follows Friday's capture of Thiago Alcantara. The gifted midfielder joined from Bayern Munich for an initial £20 million after hoarding seven Bundesliga titles, four DFB-Pokals, and a Champions League crown in seven years with the German club. He also collected two La Liga titles and a Champions League medal during an earlier spell with Barcelona.