Meupiyou left Wolverhampton Wanderers for Alverca last summer after the relegated English club determined he would not get sufficient playing time at Molineux.
He impressed across 32 competitive appearances for the Portuguese Primera Liga side, prompting Borussia Dortmund's interest following a scouting programme that began in January.
The deal carries a historic complication for Wolves. When they sold Meupiyou, the relegated club retained a 50 per cent sell-on clause and a theoretical buyback option. Wolves are understood to be prepared to waive the buyback and allow the transfer to proceed — prioritising the substantial profit their sell-on clause will generate at BVB's offer level.
Dortmund's defensive planning is active. They have already signed Joane Gadou, 19, as a central defensive reinforcement, making Meupiyou a second addition to that position should the Alverca deal be completed.
Nico Schlotterbeck's future at the club remains uncertain, with reports suggesting the 26-year-old is considering triggering his own release clause.