Otto moves to Molineux immediately after joining Atletico on a permanent transfer from Celta Vigo, where he impressed at full-back last season.
The 24-year-old can play on either flank and adds competition for the wing-back positions ahead of the new Premier League campaign.
Otto’s move to Wolves comes of the back of solid campaign with Celta Vigo during 2017/18, where he missed just two La Liga games.
The full-back has been at Abanca-Balaídos his entire career to date, after progressing through the youth system to make more than 200 senior appearances.
In 2016/17 Otto was a regular fixture in the Celta Vigo side which made it to the semi-final of the Europa League and was narrowly beaten by Manchester United over two legs.
Away from Celta Vigo, Otto has played internationally for four different Spanish youth groups and won the European Under-19 Championship back in 2012.
Otto completed his paperwork at Compton on Wednesday and could make his competitive Wolves debut in the season opener against Everton on 11th August.
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