The deal will see forward Brett Ferres move in the opposite direction with the Bulls paying a £200,000 transfer fee for Solomona, and the move will go through once Solomona completes a medical.
"The two clubs have reached agreement on the terms and now various signatures need to be placed on the documents," said Bradford chairman Peter Hood.
"I see no reason why it shouldn't happen. It's just a question of signatures on the paperwork.
"The problem is that the player's agent is in Vietnam, the player is in New Zealand and (Bradford coach) Steve McNamara is in Mexico."
Solomona was an integral part of the Wildcats team that beat the drop last season, but had the side been relegated he would have been a free agent and able to make the move to Bradford without his new club paying out.
The Rugby Football League are currently investigating claims that the Bulls made an illegal approach to Solomona as the wildcats were in relegation trouble at the back end of 2005.
Wakefield are claiming that the player was unsettled by the possibility of a move elsewhere, leading to his request for a release from his contract.