Wolves head coach Nuno Espirito Santo has decided to sign Leo Bonatini and Ruben Vinagre on a permanent basis.
Both players spent last season on loan at Molineux.
Bonatini, who scored 12 goals in 43 Championship appearances last season, has inked a four-year-deal, while Vinagre has signed a five-year contract.
Bonatini moves to Molineux from Saudi Professional League side Al-Hilal for an undisclosed fee while teenager Vinagre moves from AS Monaco.
Wolves' sporting director Kevin Thelwell said: "We are delighted to secure the services of two players we rate very highly and we believe can play a huge part in our plans for our first season back in the Premier League and beyond.
"Both players have been part of this group for a season and that means they can hit the ground running and won't need any additional time to adjust to Nuno and his coaching staff's high standards of preparation and training.
"Leo Bonatini was unstoppable for a long stretch last season while Ruben Vinagre is a hugely exciting prospect."
Wolves, 11/10 to finish in the top half of the Premier League table in 2018/19, are 13/10 to win their first game of the season against Everton on 11th August.