Although the fee has been labelled as undisclosed, it is believed Roma paid around £10m to sign the Portugal goalkeeper.
The Premier League club are set to sign Jose Sa from Olympiacos as Patricio's replacement.
Patricio, 33, was the regular goalkeeper across three seasons at Molineux.
Wolves technical director Scott Sellars said: "We would all like to thank Rui for everything he has done for Wolves during the past three seasons.
"He has been part of the best years of the club's recent history, in terms of the success we have had, coming to us when we were newly promoted and helping the club to achieve two seventh place finishes.
"He's been a fantastic servant to the club, but it's a fantastic opportunity for him to experience a new club in a new league, and a good move for everybody involved.
"We certainly wish him the very best of luck at Roma."
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