Wolves have completed the signing of Nelson Semedo from Barcelona for £28 million ($37m).
The final transfer fee could rise to £37m ($47m) including add-ons, with Barca confirming Semedo's departure via their official website on Wednesday.
"FC Barcelona and Wolverhampton Wanderers Football Club have reached an agreement for the transfer of the player Nelson Semedo," the La Liga giants' statement reads.
"The English club will pay €30m plus €10m more in variables.
"FC Barcelona would like to publicly express their gratitude to Nelson Semedo for his commitment and dedication and wishes him all the best for the future."
Wolves chairman Jeff Shi expressed his delight after seeing the defender commit to a three-year contract at Molineux, with the option of an extension through to 2025, while outlining the club's ambition to keep progressing in the coming seasons.
"'Progressive at heart' is one of our core values at Wolves. For a member of staff, for a player, for the whole club, we are all making great efforts to progress continuously," he said.
"It’s isn’t often that we have the opportunity to sign a world-class player from a world-class club. Nelson’s signing shows we will never stop progressing and we are still hungry and humble in our heart."
Semedo leaves Camp Nou having won four major trophies during his time at the club, including two La Liga titles.
The 26-year-old joined Barca for an initial €31m (£29m/$36m) from Benfica in 2017, and went on to feature in 102 games for the club, scoring two goals and laying on 11 assists.
Wolves have now signed five new players in total during the summer transfer window, with Semedo, Fabio Silva, Ki-Jana Hoever, Vitinha and Fernando Marcal all having moved to Molineux.
Matija Sarkic also joined on a free transfer although has since been loaned out to Shrewsbury Town for the season.
Nuno Espirito Santo's side will be hoping to build on a strong 2019-20 campaign by fighting for European qualification once again, with Semedo now in line to make his full debut in a Premier League clash with West Ham at the London Stadium on Sunday.