Following Paul Lambert's Molineux exit, the club have moved quickly to appoint the former Porto boss - who brings in his own backroom staff.
The Portuguese coach is heavily linked with Jorge Mendes, who's first deal in football involved the ex-goalkeeper.
He's joined the club with a three-year contract, keeping him at Molineux until 2020.
Rui Pedro Silva has been named as Nuno's assistant, while Rui Barbosa joins as goalkeeping coach and Antonio Dias is Wolves' new fitness coach.
Wolves main director Jeff Shi said: “I first got to know Nuno two years ago, and, at that time, we hadn’t taken over Wolves.
“But when talking to him, I was impressed by his football tactics.
“Since the very beginning of the Wolves project, Fosun has been very clear on our strategic thinking and philosophy, and has huge ambition and confidence to achieve our goals.
“In a sense, we are very glad to find Nuno with a football philosophy that is similar to ours.
“He has an impressive track record in the top divisions in Spain and Portugal, and took Porto to the knockout stages of the Champions League last season.
“We are all looking forward to working with Nuno and his staff, and are excited about what he can achieve with Wolves as we go into the new season and beyond.”
The new boss will be unveiled at a press conference on Thursday morning.
Nuno has had previous spells at Rio Ave, Valencia and Porto over his career in management, and will be testing English waters for the first time at Wolves.