The 22-year-old moved to Molyneux on a five-year deal for a fee believed to be £18million.
Traore - pictured at the Mount Hotel yesterday - will pen a long term deal and become Wolves' fourth record signing in the past two years.
Traore missed 'Boro's opening Championship game of the season due to a shoulder injury but that isn't expected to cause problems.
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Traore began his career in the Barcelona youth system and made a handful of first-team appearances at the Nou Camp before joining Aston Villa in August 2015. Impressing during that season, he moved to Middlesbrough in 2016 and promptly saw them relegated to the Championship as well.
The club had lined up a medical for him on Thursday afternoon, but Zinchenko has not left Manchester, and it is understood he wants to stay at City and fight for his place.
With the likes of Rui Patricio, Joao Moutinho and Raul Jimenez already on board, we'll certainly be keeping an interested eye on developments at Molineux this season. Although the Ukrainian worldwide would have beefed up their arsenal further, they still have a formidable side to ply their trade in the Premier League.