The midfielder, who can also be used in defence, completed his medical at Compton Park on Thursday and has signed an initial season-long loan, which will become a permanent move next summer.
The move to Molineux comes after the 23-year-old was part of the Belgium squad which finished third at the World Cup this summer.
Dendoncker is a product of the Anderlecht youth system and went on to make 190 senior appearances for the club.
After making his debut in 2013, he played on the biggest stage in the Champions League and Europa League with the Belgian side.
Having previously won two Belgian Super Cups, Dendoncker and Anderlecht claimed the Belgian First Division title in 2016/17.
Last season he was again a regular, playing 42 times and scoring once in a 3-1 victory over Charleroi in April.
On the international stage, the midfielder made his Belgium debut in 2015 and played against England in the group stages of this summer’s World Cup – one of six caps to date.
He becomes Nuno Espirito Santo’s sixth signing of the transfer window and is in line to make his debut against Everton on Saturday evening.
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