The 25-year old, who held talks with Rangers in Glasgow on Thursday, extended his contract with the Bundesliga club earlier this year. But the Hamburg president, Uwe Seeler, told Albertz he would not stand in his way if he got a lucrative foreign offer.
Albertz said: "In Scotland I have the chance to play in the Champions' League. I couldn't turn down the offer, for both sporting and financial reasons." Rangers would not confirm the deal but said any statement would be made next week.
Wolves expect to announce Adrian Williams, the Reading captain and Wales centre-back, as their first summer signing in a pounds 750,000 deal on Monday.
Sir Bert Millichip, a member of the Uefa executive committee since 1990, has decided not to stand for re-election. He will not be putting his name forward for tomorrow's election at the Queen Elizabeth II Conference Centre in London.
Sir Bert will also give up his position as FA chairman on July 11 after a distinguished 15 years in the post.
The 23-year-old defender Rene Schneider, who has spent Euro 96 on the sidelines, will return home to find he has been transferred from Hansa Rostock to the German champions, Borussia Dortmund, for pounds 1.3m.