Wolves: Vitor Pereira appointed new head coach of Premier League strugglers
The Portuguese joins from Saudi Pro League side Al-Shabab, with Wolves paying about £825,000 in compensation.
He replaces Gary O’Neil, who was sacked on Sunday following Saturday’s 2-1 defeat to Ipswich, which left Wolves second bottom of the Premier League.
Pereira’s first game is the trip to Leicester on Sunday, with the Foxes 17th and five points clear of Wolves.
Wolves had been assessing their options for a number of weeks and sounded out candidates, including former West Ham boss David Moyes.
Pereira, though, quickly became the frontrunner and joins having won Primeira Liga titles with Porto in 2012 and 2013 and the Greek Super League with Olympiakos in 2015.
He had been in charge at Al-Shabab since February and leaves them sixth in the Saudi Pro League.
The 56-year-old succeeds O’Neil, who was appointed at Molineux in August 2023, with Wolves having lost 11 of their 16 Premier League games this season.
They have won just twice, against Southampton and Fulham, with their seven-year stay in the top flight under threat.