Wolves have named former Porto and Valencia boss Nuno Espirito Santo as their head coach to succeed Paul Lambert, who left Molineux on Tuesday, reports BBC Sport.
"I first got to know Nuno two years ago," said Wolves director Jeff Shi.
"At that time, we hadn't taken over Wolves. But, when talking to him, I was impressed by his football tactics."
Former Porto, Dynamo Moscow and Desportivo das Aves keeper Nuno has signed what is understood to be a three-year contract.
He has brought in a new backroom team - Rui Pedro Silva as assistant head coach, Rui Barbosa as goalkeeping coach and Antonio Dias as fitness coach.
"Since the very beginning of the Wolves project, Fosun has been very clear on our strategic thinking and philosophy, and has huge ambition and confidence to achieve our goals," added Shi.
"In a sense, we are very glad to find Nuno with a football philosophy that is similar to ours. He has an impressive track record in the top divisions in Spain and Portugal."