Wolves have made their first signing of the summer by bringing in Portsmouth midfielder Jed Wallace.
New Pompey boss Paul Cook was already resigned to losing 21-year-old Wallace, who has been linked to several clubs after scoring 17 goals in 50 appearances in the 2014-15 campaign.
The Reading-born former England Under-19 international has signed on a three-year deal for an undisclosed fee.
There was a £275,000 release clause in his existing Portsmouth contract.
|The Wallace collection|
|Jed Wallace won six separate Player of the Year trophies for Portsmouth, who finished 16th in League Two last season, and was also named in the PFA League Two Team of the Year.|
"Jed is a young player with a very bright future," said Wolves head coach Kenny Jackett. "He has played a lot of football for a 21-year-old and is now ready to make the step up to the Championship."
Since being signed from non-league side Lewes in 2011, Wallace has scored 30 goals in 121 appearances for Portsmouth, finishing as the club's top scorer in each of the last two seasons.
In a statement, Portsmouth recorded their "sincere thanks to Jed for his efforts with Pompey over the past few years" and added that the League Two club "look forward to watching his continued development at Wolves."