The 18-year-old Dutchman – who has played as both a centre-back and right-back for the Reds – arrives at Molineux on a five-year contract.
Wolves will pay £9m initially for him, with add-ons potentially taking the fee to £13.5m, with the teenager seemingly set to bolster the right-wing-back position after Matt Doherty's sale to Tottenham earlier this summer. Liverpool, meanwhile, have inserted a 15 per cent sell-on clause into the deal.
"I’m really excited to join such a big club like Wolves and to play in the Premier League. I’m really happy the club has trust in me, so the way I can give back is by playing good football and enjoying the moment," said Hoever.
“I’m excited to just to be playing. That’s what I love doing the most. In the stadium, playing with my team-mates, hopefully with the fans soon, that’s what I love.
“I think the Wolves fans can expect a flying Dutchman off the right side. I love to attack, but also do my work defensively.
"Right-back, full-back, wing-back, whatever you want, I will go over, cross, score, attack, but also do my defensive work, that’s what they can expect.
“As a young kid, I’m going to bring a lot of energy down the right side. Everything’s going to come out of my heart and I’m going to play with my heart.”
Hoever is also thought to have attracted interest from both Juventus and Atletico Madrid, but he said: "Wolves came with the best plans for me.
"I’m hoping I can make it to the next level with them and achieve great things with them. It’s a big season ahead and I hope we can achieve great things."
Hoever made his Liverpool senior bow in the FA Cup against Wolves at Molineux last year.
He has since played three more times in cup competitions and only signed a long-term professional deal at Anfield last summer.
And Wolves chairman Jeff Shi said: "Ki is a young player who can play both centre-back and right-back, with high potential to become a top footballer.
“He played against Wolves in the FA cup game in 2019 when he was only 16 years old, and impressed us very much.
“Ki is a talent we have bought for the long-term future, but he can also give the first team a fresh and potent option immediately.”
Wolves boss Nuno Espirito Santo confirmed Hoever is not eligible for the game against Manchester City on Monday, but is excited over what he will bring to the table.
"He's a young player with potential and it's up to us to get the best out of him. He is not eligible for Monday. He will join us tomorrow and start integrating," said Nuno.
"I think Ki is a player with a big, big future ahead of him.
"We have a small squad, good options, but the squad is not definitely closed. We still need to work on that."
Meanwhile, Wolves have loaned out young striker Leonardo Campana to Portuguese side Famalicao for the season.