Wayne Hennessey has ended his 10-year association with Wolves by making a three million pound move to Crystal Palace.
The Welsh international almost left Molineux earlier this month when he refused to play against Gillingham because it was believed he had a new club lined up.
The goalkeeper was a target for Manchester City before suffering a cruciate ligament injury over a year ago and had been assured Wolves would not stand in his way if a Premier League club made an offer.
"Wayne has been with the club for a long time since coming through the Academy, and produced some excellent performances,” said CEO Jez Moxey. “With Wayne this season, it was a similar situation to other players in the past such as Joleon Lescott whereby if we received an acceptable offer from a Premier League club we were not going to stand in his way.
“It was a case of once again proving his fitness, as he did with Yeovil, and then when the bid came in, reaching agreement with Crystal Palace.
“We are fortunate to have some excellent goalkeepers here at Wolves, with Carl Ikeme and Aaron McCarey as the senior men and some more good young goalkeepers in behind.
“Everyone at Wolves would like to thank Wayne for his efforts for the club over so many years and wish him well for the future."
Head Coach Kenny Jackett added: “The aim for Wayne this season was to get himself physically fit and prove himself again, as he did by coming through pre-season and with the loan spell at Yeovil.
“He always trained well with us and got himself back to where he wanted to be and has now got his move to the Premier League. We thank him for everything he has done during his time at Wolves and wish him all the best for the future.”
Hennessey has signed a three-and-a-half year contract with Palace. In total he made 166 appearances for Wolves, was voted the club’s Player of the Season in 2006-07 and played the majority of games in the Championship-winning campaign of 2007-08.
He also impressed in the Premier League, where he is now headed after clinching the move to Selhurst Park, having proved his recovery from a double cruciate knee ligament injury with a successful loan spell with Yeovil at the start of the season.