Jeong was purchased by Wolves in January of last year after impressing in his native South Korea, but has not played for the club.
The South Korean star was loaned out to Swiss club Grasshoppers in the same month of his arrival at Wolves and he remains there.
MLS outfit Minnesota United have their eye on the Wolves loan star and now they are set to get their wish.
The American club are close to reaching a deal for the Wolves centre-forward, though a full agreement has yet to be reached.
Although no deal has yet been agreed upon, there is optimism an agreement will soon be reached and the player will travel to America for the move to be completed.
Jeong has spent much of the season out with injury and has thus consequently started only two games in the Swiss top flight for Grasshoppers, with no goal contributions.
If the move does indeed happen, he will have been a Wolves player without ever playing a game for the Midlands club.