The 31-year-old right-back left Wolves in the summer of 2020 to head to the capital to join Tottenham Hotspur.
Last season, Doherty joined Atletico Madrid in the January transfer window after terminating his deal at Tottenham.
He was not guaranteed a longer stay in Spain after penning a short-term contract and is a free agent this summer.
Wolves are keen on adding Doherty to their line-up, as Julen Lopetegui is looking for an experienced right-back.
Doherty is now set to rejoin Wolves and it has been claimed that the Midlands outfit have struck an agreement with the 31-year-old to join them this summer.
The arrival of Doherty at Molineux this summer might pave the way for young right-back Dexter Lembikisa, who has suitors in League One, to leave on a development loan.
Doherty has over 300 appearances for Wolves in his bank and will now ply his trade under Lopetegui in the upcoming season.
