Wolves have signed striker Andy Keogh from League One side Scunthorpe for an initial fee of £600,000.
Keogh and Billy Sharp formed an effective partnership at Scunthorpe
The 20-year-old passed a medical at Molineux on Monday and has signed a three-and-a-half-year contract.
"I'm delighted to be here - I'm absolutely buzzing and cannot wait to get stuck into training," said Keogh.
"The manager (Mick McCarthy) really did not need to sell the club to me at all, his presence meant a lot because he is a great man."
Keogh, who would have been out of contract this summer at Glanford Park, could eventually cost Wolves up to £850,000, with add-ons a part of the deal.
"I would love to be able to play in the Premier League one day with Wolves," he added.
Andy has bags of potential
Wolves chief executive Jez Moxey
"I like to score and to create, and the system Wolves play with the wingers will suit me so hopefully we can all play some good football together."
The Irish Under-21 international joined Scunthorpe in February 2005 for £50,000 from Leeds and has formed an effective strike partnership with Billy Sharp.
Keogh scored 23 times for Scunthorpe in 80 first-team starts.
"Andy is a player we've been trying to sign for the manager for some time," said Wolves chief executive Jez Moxey.
"This is an exciting signing for us, Andy has bags of potential."