Wolves have signed Red Star Belgrade midfielder Segundo Castillo on a season-long loan.

The 27-year-old spent last term on loan at Everton, and Wolves have an option to make the move permanent at the end of the loan spell.

Castillo is delighted to have been given a second chance to shine in the Barclays Premier League, and particularly pleased to be reunited with his former Red Star team-mate Nenad Milijas.

"I'm very happy to be joining Wolves," he told the club's official website. "It's another chance for me to prove myself in England.

"I hope after the internationals I will get quickly settled into the squad.

"I know Nenad very well, and that makes it easier when you arrive at a new club that you know someone in the team.

"I've been at teams at the top of the table in Ecuador and then with Everton last season but I'm looking forward to the challenge of trying to help establish Wolves in the Premier League."

Wolves manager Mick McCarthy is thrilled to have secured Castillo's services.

"Segundo has good experience, having played in the Premier League for Everton and made 42 international appearances for Ecuador," he said.

"He also played for two seasons at Red Star Belgrade with Nenad.

"He will certainly add quality to the squad, and I'm delighted to have brought him in."