Left-footed wide player Neto, aged 19, and 20-year-old midfielder Jordao will be in and around the first-team rather than heading to the under-23s.
Both have penned long-term deals until 2024.
They spent the last two years on loan with Lazio from Portuguese side Braga but rarely featured in Serie A, with Neto playing five times and Jordao just three.
Their moves to Lazio were automatically made permanent earlier this summer for around £8million – and now Wolves have moved to bring them to Molineux.
Neto, a Portugal Under-20 international, came through Braga's youth system and scored his first professional goal minutes into his Primeira Liga debut to become Braga’s youngest ever scorer in the competition.
Jordao made his breakthrough at Uniao de Leiria in Portugal where he made a first-team debut ahed 16 and scored four goals in 21 appearances in his debut season, before joining Braga and then Lazio.
Sporting director Kevin Thelwell said: "They’re two very talented individuals in positions we’re keen to add to. But with both Pedro and Bruno it’s more about their potential for the future.
“We see singing young talent as a way forward; for example, Morgan Gibbs-White from the Academy, several other young players from the academy who have been in the first-team recently, and Ruben Vinagre, who we signed at a very young age.
“We think these two guys are right up there at that level and have both got high potential to be successful here at Wolves. However, we expect it will take time for them to break into the first-team as they’re so young and they’re playing in a new country and a new environment, but we will try to integrate them into the first-team group as much as possible.
“We don’t want to put too much pressure on them in the early stages of their time here, but in due course we hope we will see good examples of their true potential and quality at first-team level.”