But what we do know about the 20-year-old Spaniard? Luke Hatfield gives the lowdown on Wolves' first signing of the January window.
Full Name: Rafael Mir Vicente
DOB: 18 June 1997
Previous clubs: Javalí Nuevo, ElPozo Murcia, Ranero, Barcelona, Murcia, Valencia
What kind of player is Rafa Mir?
Whilst not the most well-known quantity in Spain, Mir is highly thought of in his native country.
Previously a part of the youth set-up at Barcelona, he came to prominence in recent years at Valencia.
Able to play across the top three, he's more natural coming off the left wing or as an out and out striker, but can also play on the right.
A right footer, he enjoys running at defenders and acts as a poacher and target man when up front - partly due to his 6ft 2in build.
Capable in the air and with the ball at his feet, he's certainly a talented youngster who will be looking to kick on in the coming years.
He has been prolific this season for Valencia II (the La Liga side's second team), scoring 15 goals in 19 appearances in the Spanish third tier.
He's made just two appearances for the Valencia first team, with his debut coming in the Champions League group stages. Wolves boss Nuno Espirito Santo was the man who handed Mir his debut, shortly before he left the Spanish giants.
Mir may be young but he's likely to go straight into Nuno's first team squad.
How have Wolves beat Real Madrid to his signing?
Whilst Rafa Mir isn't a direct client of Jorge Mendes' Gestifute agency, he is known by the super-agent.
Mir's current agent, Carlos Bucero, is a good friend of Mendes – so this could have made an impact on any potential deal.
Also, his contract at Valencia was due to expire in the summer, another factor which may have pushed the club to sell.
Playing time could have been another worry for Mir, given that if he'd decided on joining Real Madrid he would likely be going straight into the reserve team at the Bernabeu.
By heading to Wolves, Mir is far more likely to play first-team football under Nuno - who he knows well. Plus Wolves look near-certainties to reach the Premier League this season.
The relationship with Nuno – as with the signings of Ruben Neves, Diogo Jota and Willy Boly – will undoubtedly have played a part in Mir's decision.
What is Rafa Mir capable of?
Mir might not have made too many appearances at a senior level, but you can still get glimpse of what he's capable of by checking out the video below, from his time with Valencia.
Has Rafa Mir got a bright future?
He's a player who's been tipped for success and labelled a 'wonderkid' in Spain.
Should Wolves gain promotion, he'll have the chance to test his mettle against some of the top players in world football. If he succeeds he could well be one of the most financially astute signings at the club.
Of course given his age he'll undoubtedly need some time to settle in, but given the success of some of Wolves' other foreign imports, don't be too surprised to see him making waves right away.