Wolfsburg sporting director Klaus Allofs told Kicker on Thursday that the club were in discussions with Bendtner, while Danish television station TV2 joined Kicker to later claim the Bundesliga outfit will unveil the forward on Friday at 12:30 local time (10:30 GMT).
TV2 reported Wolfsburg's media relations department had confirmed Bendtner would be presented as a new signing.
Bendtner has been without an employer since his contract with Arsenal expired on July 1 and although the 26-year-old had been linked with other English clubs throughout the close-season, it appears he has decided to move to Germany.
The Denmark international's career has been marred by a lack of discipline, including being arrested for drink driving in March 2013, which saw him banned from the Danish national team for six months.
Allofs claimed Wolfsburg would weigh up all factors regarding the striker: "If the chances are greater than the risks, then it could be that we do something.
"In everything we do, we try to proceed diligently. We weigh up what is useful and are still going to consider all options."
Bendtner's agent Thomas Brooks also confirmed negotiations were ongoing when contacted by Sky Sports: "It's correct, we are negotiating with Wolfsburg."
Bendtner has not played since March 6 when he was part of the Denmark side that lost 1-0 to England in a friendly, while his last club appearance was in February, coming off the bench for Arsenal in the Premier League.
Wolfsburg have chased the likes of Alvaro Morata, Romelu Lukaku and Mario Mandzukic throughout the close-season but were respectively trumped by Juventus, Everton and Atletico Madrid.
While not explicitly mentioning Bendtner, Wolfsburg manager Dieter Hecking explained the northern German club had been forced to lower their standards to improve their strike force.
"It is getting difficult. We have looked at the top shelf but it is empty now," Hecking told Kicker.
"Therefore, we must look a little further down."
Bendtner would be up against the likes of Ivica Olic and Bas Dost to lead the line at Wolfsburg.