Vokes has completed his medical and signed a four-year deal with the Championship club, who missed out on a play-off place to Watford on goal difference.
Mick McCarthy told Wolves' official website: "Sam is a great young talent who our scouts have been watching for some time. I saw him when he played for the Wales Under-21s against England last week and he was excellent.
"He is a target man who is physical, strong and good in the air. He was involved in a real scrap in trying to keep Bournemouth up at the end of the season. It was tough but will have been a good experience for such a young player.
"I have been impressed with him and I think he is quite capable of doing well in this league despite his tender years."