Pompey's Jed Wallace is Wolves' first signing

Wolves today started their summer strengthening with the £275,000 signing of Portsmouth midfielder Jed Wallace.

moreWhat can Jed Wallace do? Take a look at some of his greatest hits for Portsmouth by watching all of his 17 goals in League Two this season.

The 21-year-old has signed a three-year contract and finalised the deal today .after travelling up to the West Midlands.

Wolves met a £275,000 release clause in Wallace's contract that was only signed last summer and beat off a host of Championship clubs.

They included Fulham, Sheffield Wednesday, Charlton Atheltic and Ipswich Town, who were all in the race for the highly-rated 21-year-old.

He won six Player of the Year trophies at the end of this season, was named in the PFA League Two Team of the Year and also has one England Under-19 appearance to his name.

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Wolves boss Kenny Jackett said: "We are delighted to have completed a deal to sign Jed.

"He is a young player with a very bright future who has played a lot of football for a 21-year-old and is now ready to make the step up to the Championship.

"I am looking forward to working with him in the new season."

A naturally right footed player who has played a lot of games at wide right, Wallace has become two-footed this season after scoring numerous times with his left peg.

New boss Paul Cook, the ex-Wolves midfielder, and chairman Iain McInnes admitted the youngster would be leaving Fratton Park this summer, following failure to win promotion from League Two.

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Born in Reading, Wallace played for Carshalton Athletic as a youth-teamer before joining Pompey.

He was loaned out to non-league sides Farnborough and Whitehawk, scoring eight times in 11 games for the latter.

Wallace made his debut in senior football in August 2012 in a 3-0 League Cup defeat at Plymouth.

Making his league bow on New Year's Day 2013 in a 5-0 loss at Swindon, he netted his first goal three days later in a 3-1 home defeat to Hartlepool, the first of six in 23 appearances that season.

Pompey are preparing to unveil one-time Wolves academy graduate Kyle Bennett to help fill the gap of Wallace's departure.