Ebanks-Blake has been in fine form for Wolves this season
This could spark a late flurry of transfer activity at Molineux, with Wolves in pursuit of Sunderland striker Connor Wickham.
Palace manager Ian Holloway is a long-term admirer of Ebanks-Blake, whom he sold to Wolves when he was in charge of Plymouth.
And with Palace cashing in on Wilfried Zaha, who joined Manchester United, they have the funds in place to bring in some more reinforcements to support their promotion push.
Midlands based paper Express & Star reports that a deal should go through for Ebanks-Blake before the transfer window shuts at 11pm.
Ebanks-Blake has been in fine form for Wolves this season, scoring 10 goals in the Championship.
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