Wolves have appointed Vitor Pereira as their new head coach following the sacking of Gary O'Neil.
Pereira has signed a one-and-half-year contract after compensation of just over £800,000 was negotiated with Saudi Pro League side Al Shabab over his exit.
The 56-year-old took training on Thursday and will be in charge of Sunday's crunch visit to Leicester.
Wolves Chairman Jeff Shi said: "We are delighted to welcome Vitor Pereira to Wolves as the new head coach of our men's first team.
"Vitor is a highly respected and experienced coach who has achieved success across different leagues and will bring a new approach for the test ahead.
"This is a challenging moment for the club, and we want to thank Vitor for taking on this responsibility.
"We have full confidence in his ability to guide us back on track, alongside the players and staff, and the entire club will be united in supporting him to achieve success."
O'Neil was axed on Sunday after a dramatic 2-1 defeat to Ipswich at Molineux on Saturday, which was followed by a scuffle that saw Rayan Ait-Nouri pulled away from the pitch and Matheus Cunha charged with misconduct by the FA.
That result left Wolves 19th in the Premier League table - five points adrift of 17th-placed Leicester, who they play away on Sunday.
Sky Sports News was told Wolves were happy to pay Pereira's release clause and the 56-year-old, who has won league titles in three different countries while at Porto, Olympiakos and Shanghai, was keen on a move to Molineux.
Pereira - who had been in charge at Al Shabab since February - was linked with the Everton job in early 2022, but Toffees fans made their opposition clear with protests and Frank Lampard was appointed instead.
Sky Sports features writer Adam Bate:
The appointment of Pereira by Wolves takes the number of jobs that the Portuguese coach has taken on since departing Porto in 2013 into double figures. A decade ago, Pereira was briefly regarded as one of the brightest coaching prospects in Europe.
His achievements at Porto bear repeating. He won the title in each of his two seasons, inheriting a team that had gone unbeaten in becoming champions under Andre Villas-Boas. Pereira's final season was particularly impressive as Porto were unbeaten again.
He was a title winner with Olympiakos in Greece and won the Chinese Super League during his time in Shanghai, but there was also a chaotic stint in charge of Fenerbahce and a doomed attempt to maintain 1860 Munich's status in Germany's second division.
Having also spent over a year in Brazil, working at two massive clubs in Corinthians and Flamengo, Pereira has pedigree but there is also an element of risk regarding his credentials given that this is his first job in one of Europe's five major leagues.
There are elements that work in his favour. Wolves have a history of Portuguese coaches having been promoted to the Premier League under Nuno Espirito Santo and achieving top-half finishes in the competition under both Nuno and his successor Bruno Lage.
The make-up of the Wolves squad still reflects that influence. As many as eight of the squad for O'Neil's final game against Ipswich speak Portuguese as a first language and that does not include the suspended Brazil international midfielder Joao Gomes.
Some of these are key figures within the group, ones that Pereira will need onside if he is to turn around Wolves' fortunes. Nelson Semedo is now the captain of the team. Cunha is the undoubted star player. Improving Andre's form could be critical.
The problem for Pereira is that he must act quickly. Defeat at Leicester in the next game would leave Wolves seven points adrift of a team they must surely catch if they are to stay up. Instilling discipline and offering hope needs to happen fast if he is to succeed.
Leicester (a) - December 22, 2pm
Man Utd (h) - December 26, 5.30pm
Tottenham (a) - December 29, 3pm
Nottingham Forest (h) - January 6, 8pm - Live on Sky Sports
Newcastle (a) - January 15, 7.30pm
Chelsea (a) - January 20, 8pm - Live on Sky Sports
Pereira was close to becoming the Everton manager in January 2022, even going so far as to speak to Sky Sports News in a bid to stave off fan protests about his anticipated appointment. Ultimately, the Toffees opted to go with Lampard instead.
"It was either him or Lampard," Sky Sports' News journalist Alan Myers explains. "I think the fans fancied Lampard more than him. They wanted Pereira out and he was not even in!" But for a time it seemed that Pereira had managed to convince Everton's hierarchy.
"He had an interview with Bill Kenwright and Bill raved about it. He did not think he was right for it at first and still voted for Frank Lampard in the end, but I remember him calling me and saying this was the most enthusiastic, inspiring person you could ever meet.
"Bill said he was immaculate, you could have eaten a dinner off his suit. He was totally bowled over. I thought he would get the job at that point. The board vote ended up being unanimous in Lampard's favour but he was close to it. Serious consideration was given.
"He had success at Porto and built his career on that, winning a few things, but he has had more clubs than Jack Nicklaus since then. He is certainly a character who will light up the Premier League in many ways. He does not hold back in whatever he is saying."
