The Championship side say "talks are ongoing to conclude the deal" for the 27-year-old Scot, who joined Konyaspor on a three-and-a-half-year deal from Polish side Lech Poznan last year.
Douglas began his career in his native Scotland with Queen's Park, before moving to Dundee United in 2010.
The Glasgow-born left-back has never been capped at international level.
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Wolves have "agreed a deal in principle" to sign defender Barry Douglas from Turkish club Konyaspor.