The 26-year-old was close to agreeing a move earlier in the window to fellow Championship side Leeds, but the deal fell through after the two parties failed to agree personal terms, although Sky Sports state the striker is now close to a move to the Premier League.
Vydra was last season’s top scorer in the Championship, netting 21 times to help the Rams secure a place in the playoffs, eventually losing their semi final tie to Fulham, and also provided four assists for his teammates.
While Derby appear set to lose Vydra, they will be acquiring Wells in return, who has a decent record in the Championship, scoring 45 goals in 144 appearances while at Huddersfield, 10 of which came in his most recent season at that level in 2016/17.
Burnley have been busy in recent days with the transfer deadline on Thursday looming, with Sean Dyche already signing Ben Gibson and Joe Hart.
The Clarets now look to be bolstering their forward options, with Sam Vokes, Ashley Barnes and Chris Wood their main figures up front.