Wolves have confirmed the club record signing of striker Raul Jimenez from Benfica for £30m.
The Mexican, 27, has scored 15 goals in 37 games since joining the Premier League newcomers on a season-long loan in June 2018.
He has helped Wolves to seventh in the table and played a key role as they reached Sunday's FA Cup semi-final against Watford.
The fee surpasses the £18m Wolves paid for Adama Traore in August 2018.
"I want to make history here at the club," said Jimenez, who has agreed a deal until the summer of 2023.
"I want to put the club back into the top places in the Premier League. I think we all want that and have that ambition.
"It's a great honour for me to now be a permanent member of the team."
Jimenez moved to Benfica in 2015 after a season at Atletico Madrid and scored 31 goals in 120 appearances for the Portuguese side.
He won consecutive Primeira Liga titles with in 2015-16 and 2016-17, in addition to the Portuguese Cup and Portuguese League Cup.
Jimenez began his career with Mexican side Club America and won two Liga MX titles.
At the 2012 Olympics in London, Jimenez came on as a late substitute in Mexico's 2-1 win over Brazil in the gold medal match at Wembley.
He has scored 16 goals in 71 internationals and played at the 2018 World Cup as Mexico reached the last 16, losing to Brazil.