Peterborough United have completed the signing of Nathaniel Mendez-Laing from Wolverhampton Wanderers for an undisclosed fee.
The 20-year-old had a previous spell at London Road, making 40 appearances in season-long loan as Posh achieved promotion to the Championship in 2011.
The winger has now decided to make a permanent move, signing a three-year-deal with the club.
"He has all the ability in the world," Posh manager Darren Ferguson said.
"He is young, has great pace and it's now about fulfilling that potential."
Ferguson continued: "He's the type of player we've probably lacked and I'm glad to have him on board."
Defender Gabriel Zakuani has, meanwhile, been named Peterborough club captain for the 2012-13 season.
"What I look for in a captain is leadership and somebody I can trust and Gabi fits that bill," Ferguson told the club's website.