Sports writer Pete O'Rourke indicates Bournemouth paid more than £8 million for the young forward, which would set a new club record.
Afobe has enjoyed a strong 2015-16 campaign in the Championship, scoring nine goals in 23 starts, per WhoScored.com. He has established himself as an up-and-coming attacking prospect, and per Wolverhampton's official website, his determination to prove himself at the highest level led to the move:
In the face of significant pressure, Wolves turned down a number of substantial bids for Benik from a Premier League club in the previous transfer window.
Since that point in the summer, until the present day, Benik has regularly re-stated his desire to leave Wolves and to test himself in the top flight at the earliest opportunity.
Afobe is Bournemouth's second signing of the January transfer window, with Roma star Juan Iturbe joining the Cherries on loan earlier in the month.
He could form a deadly partnership up front with Callum Wilson, who could return from his ACL injury during the second half of the 2015-16 campaign, per Andy Mitchell of the Bournemouth Daily Echo. Bournemouth have suffered a number of injuries to attacking players, so it shouldn't come as a surprise the club is targeting talents such as Afobe and Iturbe.