The midlands club are expected to formally announce the capture of O'Hara in the next 24 hours, Press Association Sport understands.
O'Hara is understood to have already undergone a medical and the completion of his temporary switch to Molineux is expcted to be a formality.
The 24-year-old had a spell on loan at Portsmouth last season but has not featured at first-team level at White Hart Lane this season because of a back injury.
The former England Under-21 international has featured in two recent full-scale practice matches with Spurs and is eager to go out on loan again in order to regain full match sharpness.
West Ham were also interested in signing O'Hara but appear set to be beaten in the battle to secure to his services.
Source: PA
Source: PA