Wolves have signed Valencia forward Goncalo Guedes on a five-year contract.
Just minutes after confirming captain Conor Coady had left to join Everton on loan, the club announced the arrival of the 25-year-old former Benfica academy graduate.
“We have been monitoring Goncalo for a long time and are very pleased to welcome him to Wolves,” said chairman Jeff Shi.
“He has natural talent and has performed very well across Europe and for his country, and we think he is well suited to the Premier League.
“We are always looking to improve the squad with high quality, and have been patient to make sure we got the right player.
“Goncalo worked with Bruno at Benfica and played with many members of our squad previously, so we’re confident he will settle quickly into the group here.
“Very few transfers are ever straightforward, and this was no exception, with a number of clubs trying to secure the player right up until the last minute.
“Now, we are delighted that Goncalo is a Wolves player and look forward to giving him a warm welcome at Molineux this Saturday.”
Guedes, a Portugal international, scored 13 times in his best LaLiga campaign last season and left Valencia with 36 goals in 176 appearances.