Wolves have completed a double swoop to sign Ecuador midfielder Segundo Castillo from Red Star Belgrade and Austria striker Stefan Maierhofer from Rapid Vienna.
Castillo, who spent last term on loan at Everton, has joined a Mick McCarthy's side on a season-long loan, with a view to a permanent deal, and Maierhofer has signed a three-year contract.
Castillo travelled to Wolverhampton for talks and a medical last week, and the paperwork was completed for the deal over the weekend.
The 27-year-old is delighted to have been given a second chance to shine in the Premier League, and particularly pleased to be reunited with his former Red Star team-mate Nenad Milijas.
"I'm very happy to be joining Wolves,'' he told the club's website. "It's another chance for me to prove myself in England. I hope after the internationals I will get quickly settled into the squad.
"I know Nenad very well, and that makes it easier when you arrive at a new club that you know someone in the team. I've been at teams at the top of the table in Ecuador and then with Everton last season but I'm looking forward to the challenge of trying to help establish Wolves in the Premier League.''
McCarthy is thrilled to have secured Castillo's services and said: "Segundo has good experience, having played in the Premier League for Everton and made 42 international appearances for Ecuador.
"He also played for two seasons at Red Star Belgrade with Nenad. He will certainly add quality to the squad, and I'm delighted to have brought him in.''
The Maierhofer deal is reported to have cost the Molineux club around £1.8m and the 6'7" striker, nicknamed 'The Neck', will add a different option in attack for Wolves.
Chief executive Jez Moxey said: "We're delighted to bring Stefan in as our ninth new arrival this summer. He's a player who has been a regular goalscorer for Rapid Vienna in recent seasons and helped the club qualify for the group stages of the Europa League, by contributing to their win against Aston Villa last week.
"Stefan had been targeted to add competition for places in the striking department, and once again we are pleased that the board and chairman Steve Morgan have been able to support manager Mick McCarthy."
Maierhofer, who scored on his final outing for Rapid on Saturday, netted 23 goals in 37 games for Rapid last season and becomes Wolves' ninth signing of the summer.
Castillo began his career in his homeland with Club Deportivo Espoli and then El Nacional, helping the latter clinch back-to-back titles in 2005 and 2006.
He proved a key player for Red Star as the Serbian outfit claimed a league-and-cup double in his debut season, and went on to score 18 goals in 72 appearances for the club before an injury-plagued stint on Merseyside last term.
• Promising Wolves keeper Daniel Wright has been forced to retire at the age of just 17 because of a heart problem.
The Northern Ireland youth international, who made his senior debut for the club in a pre-season friendly against Port Vale, is looking for a new career in football after being advised to quit playing the game following medical checks.
Wright first suffered chest pains during an Academy trip to Sweden last month, and although he was given the green light to carry on playing after initial tests, the discomfort returned and a second ECG revealed a risk of cardiac arrest.
The teenager told the club's official website: "It's just too dangerous if I was to get hit in the chest. As much as football has been so important, I'm glad to have found out this way rather than the hard way.
"The gaffer [Mick McCarthy] said last week that you do want to give your life to football, but you don't want to give your life to it literally. It's disappointing, but you have to realise that there is more to life than football.''
Wright is now hoping to launch a career in coaching as he comes to terms with the news.
He said: "I was devastated and it's hard to take in. It will take time to get used to it, but just being around friends and family will help me get my head around it and get back on track.
"My parents came over as soon as they heard, and I think they were as shocked as I was. It could have been a lot worse and they could have had a much different phone call.
"It's been a bit of a difficult time, but at the same time, I realise I'm still lucky to be here and have got a chance to try and get things sorted out. With modern medicine, I should be able to still exercise at a level and I can maybe go into fitness coaching or something in that area.
"I still want to remain in football and maybe go home and coach if I can. My old club at home, Glenavon, have said I can go in and coach their Academy and that they will also be there to support me.''