Wolves have confirmed the signing of Portugal international Goncalo Guedes on a five-year deal from Valencia.
90min recently revealed the Wanderers had agreed a fee of around £27m with the La Liga side for Guedes, who had recently entered the final two years of his contract.
Wolves Chairman Jeff Shi said: “We have been monitoring Goncalo for a long time and are very pleased to welcome him to Wolves. 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.”
Valencia's statement reads: "Valencia CF and Wolverhampton Wanderers Football Club have reached an agreement this Monday, August 8, for the transfer of Goncalo Guedes to the English club.
"The club thanks him for his professionalism as a Valencia CF player and wishes him the best of luck in this new stage of his career."
Guedes becomes Wolves' second signing of the summer, having previously brought in defender Nathan Collins from Burnley. The loan exit of Conor Coady to Everton was also confirmed on Monday night.
Manager Bruno Lage is seeking to improve his side's attack - they scored 38 Premier League goals last season and continued at the same goal per game rate in the 2-1 defeat to Leeds on Saturday.
Daniel Podence netted in the defeat at Elland Road, but Raul Jimenez's injury issues and Diogo Jota's exit to Liverpool have left Wolves short on goals in recent years.
Guedes will arrive off the back of his best La Liga season in goalscoring terms, netting 11 times as Valencia finished a lowly ninth.