Wolves have signed Sheyi Ojo on a season-long loan after the winger committed to a new long-term deal at parent club Liverpool.
The 18-year-old joined the Reds from MK Dons in 2011 but has yet to make an appearance for the Anfield club.
He had a spell on loan at Wigan last season, making 11 appearances, and has represented England at Under-16, Under-17 and Under-18 levels.
Meanwhile, Wolves have cancelled the contract of defender Georg Margreitter.
The 26-year-old Austrian joined the Molineux side in August 2012 but made only three appearances.
Find all the latest football transfers on our dedicated page.