They now look set to break it a seventh time with the imminent signing of midfielder Matheus Nunes for an initial £38million, with £4million in add-ons.
With that signing set to go through, we looked back at each occasion Wolves smashed their transfer fee.
Ivan Cavaleiro – £7million
In August 2016, Portuguese winger Cavaleiro arrived for £7million from Monaco and at the time was the 13th signing of Fosun's first window in charge.
His signing broke the record that was jointly held by strikers Kevin Doyle and Steven Fletcher, who were both signed for £6.5million each in 2009 and 2010 respectively.
Cavaleiro enjoyed three successful seasons at Molineux and was part of the team that earned promotion back to the Premier League.
Helder Costa – £13million
It did not take long for Fosun to break the record again, when Costa's loan was made permanent in January 2017 for £13million.
The winger starred in a Wolves team that was initially struggling in the Championship and after a superb first half of the season, Wolves wasted no time in taking up their option to buy the Benfica loanee.
Injuries and team selections hampered the following two seasons, but he still played an integral part in Wolves' journey back to the Premier League and back into Europe – and is still fondly remembered for his electric first season at the club.
Ruben Neves – £15million
Neves arrived in July 2017 and was unveiled alongside the new away kit – and on the same day that Willy Boly's loan from Porto was announced.
His arrival was not only Wolves' record transfer, but also equalled the Championship record alongside Villa's capture of Jonathan Kodjia the year before.
After five years, Neves is now club captain and has already certified himself as a Wolves legend.
Adama Traore – £18million
Following the trend of swiftly breaking the transfer record, Traore then arrived in August 2018 for £18million from Middlesbrough.
The dazzling winger was one of several high-profile signings Wolves made that summer as they returned to the Premier League.
Traore has never signed a new deal with Wolves, after his initial five-year contract, and he will become a free agent next summer.
Raul Jimenez – £32million
Having slowly increased the transfer record over the years, Fosun smashed the record in April 2019 when Jimenez arrived from Benfica for £32million.
He had spent the 2018/19 season on-loan at Molineux, during the first season back in the Premier League, and enjoyed a stellar campaign with 15 goals and seven assists.
Wolves took up the option to sign the star striker, who suffered a fractured skull injury in 2020.
Fabio Silva – £35million
The last time Wolves broke their transfer record came in September 2020, with the surprise acquisition of Silva from Porto for £35million in September 2020.
He was thrown straight into the starting XI shortly after when Jimenez suffered his serious injury in November of the same year, and he scored four goals in his first season.
Last year, in his second season, he found minutes hard to come by and did not register a goal.
However, now on a season-long loan at Belgium club Anderlecht, Silva is enjoying a purple patch with five goals and two assists in his first six games.