Steven Fletcher has joined the Molineux club in a club-record £7 million deal.
The Scottish international striker has agreed personal terms on a four-year deal worth £20,000-a-week after Wolves boss Mick McCarthy beat off competition from Birmingham and West Ham to land the forward.
Relegated Burnley will receive an initial £6m but various clauses mean the deal will eclipse the £6.5m Wolves paid to Reading for Kevin Doyle last summer.
Fletcher, signed from Hibernian last June for £3m, notched 12 goals this season for the Turf Moor side.
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