The 23-year-old attacker has gone to Anfield on a five-year contract for an initial £41m, with it potentially going up to £45m in add-ons.
It is believed the Reds will be paying the fee in instalments while Wolves, rather than seeking an attacking replacement for Jota, will now look to strengthen elsewhere.
“It’s just a really exciting moment for me and my family,” he told Liverpoolfc.com upon sealing the transfer on Saturday.
“All of my path since I was a kid and now, to join a club like Liverpool – the world champions – is just unbelievable. I just want to get started.
“It is one of the best teams in the world – the best at the moment because they are world champions. When you look at the Premier League, you always see Liverpool as one of the biggest teams in the country, so it’s impossible to say no.
“So we just want to come [here], to give our best and hopefully I can become a good option for Liverpool in the future.”
Wolves chief Nuno Espirito Santo – after being coy about Jota's omission as Wolves lost to Stoke in the Carabao Cup on Thursday – wished him well on Merseyside, as he said: "First of all I want to apologise for Thursday – I hope you understand my answers. Sometimes you have to be private.
"Regarding Diogo, he is amazing. Everyone knows the relationship we have built over the last three years, particularly at Wolves.
“What Diogo has done for us is amazing. I think Diogo is going to the right place, and we wish him all the best, knowing that he will never be forgotten, especially by our fans for all the memorable things that Diogo provided in the three seasons here at Wolves."
Jota was an unused substitute as Wolves beat Sheffield United in their first game of the new Premier League season and was then absent against the Potters.
He scored 44 goals in 131 appearances for Wolves after joining from Atletico Madrid, initially on loan before completing a permanent move in the summer of 2018 for £13m.
"Things happen naturally. Diogo had three fantastic seasons so it’s normal that other clubs look at our squad and see the quality and the talent we have and try to bring them to our clubs," said Nuno, who has signed defender Ki-Jana Hoever from Liverpool in deal worth up to £13.5m.
“In this case it’s good for Liverpool, because Jurgen (Klopp) is going to have a very good player and a fantastic boy.
“At the same time, we’ve done the business and have the money that we hope can provide us with new things and better players for us."
He added: "We still have to adjust the squad – we need to balance our squad better.
“We have already identified the targets, we know the player we want to bring and now we hope our plan continues as it did previously.
“So Jeff (Shi) knows our target, where we need to work on the squad."
Liverpool manger Jurgen Klopp was delighted to secure Jota's services:
"He’s a player who gives us so many options to use him. He’s 23 years old, still far away from being kind of a finished article, so much potential.
"He has the speed, he can combine, can defend, can press.
"It makes it just more unpredictable and gives us real options for different systems because he can play pretty much all three positions up front in a 4-3-3, if we play with four midfielders he can play both wings.
"So, these kinds of things. It’s just nice. And he has some natural things which we have in our game, like this desire and the greed and the direction.
"He is part of this unbelievable Portuguese generation in the moment, where they have really a lot of obviously quite skilled players. We saw the Portuguese team last time, it’s quite impressive.
"So, I’m really happy to have him here. And on top of that, a really good guy and really happy to be here."