Valencia central midfielder Pedro Goncalves, aged 19, joins on a two-year contract with the option of another year in Wolves' favour.
He has previously been with Portuguese clubs GD Chaves and SC Braga before joining Valencia and making 30 appearances for them in the Under-19s First Division last season.
Winger Boubacar Hanne has also joined on a free transfer and signs the same length of contract.
The pacey 18-year-old can play on both flanks and played 29 times for Pacos de Ferreira – a club he's been with since eight years old – last season, scoring 10 goals.
The youngsters will join up with Scott Sellars' squad which tomorrow travels to the Netherlands for a pre-season training camp.