Lopez only left Celta for Wolves last summer, but he is today in Vigo to complete a swift return.
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The attacking midfielder will return to Celta on-loan to the end of the season.
Lopez worked with Celta coach Claudio Giraldez for both the B and first teams before leaving for Wolves at the end of last season.
Giráldez referred to Lopez's arrival on Saturday: “Fer gives me peace of mind because he’s easy to adapt to.
"He plays as a central midfielder, an attacking midfielder, a winger, and he has the ability to play high, low, build attacks, and finish. He offers many of the profiles we might need in this market.”