A long-time target of both the Eagles and newly promoted Wolverhampton Wanderers, as well as numerous other English clubs over the years, the 23-year-old represented Belgium at the World Cup in Russia earlier this summer.
Despite a limited role, he impressed when he was given the chance, and has been a consistent performer for current club Anderlecht, where he has spent his whole career up until now.
HBVL via Sport Witness report the Belgian's agent is now meeting with representatives from the south east London outfit in order to push through a move before the upcoming transfer deadline at 5pm on Thursday.
Dendoncker started his career as a defensive midfielder but has since had stints as a centre back, and this versatility has made him a prized asset for many onlooking clubs. However, despite his young age and relative precocity, the fee in question for the transfer has seemingly remained at last summer's relatively low €15m mark.
If his move to Selhurst Park was to be completed, Wolves would have to turn their attentions to the young Norwegian left back John Kitolano, who they've also been linked with in recent days. The promising 18-year-old has been tipped for big things by many, and could be a valuable asset for Nuno Espirito Santo's side.
Meanwhile, Crystal Palace will likely be content with their summer business, especially if Wilfried Zaha stays at the club as expected, though the futures of Jonny Williams and Sullay Kaikai are in doubt.