The 20-year-old Portuguese attacking midfielder has joined on loan from Atletico Madrid, where is a year into a five-year contract.
Jota also spent last season out on loan, at Porto under Wolves’ Head Coach Nuno Espírito Santo, where he made 35 appearances and scored nine goals.
Jota started his career in Portugal with Pacos Ferreira, also in the Portuguese League, for whom he made 41 appearances, scoring 14 goals.
He became a regular at a young age for Pacos Ferreira, which included a goal and assist on his debut in a cup tie as a 17-year-old.
It was last summer that Jota, described as being able to operate on either wing or as an attacking number 10, then made the move to Atletico Madrid.
He has been capped by Portugal all the way up to Under-23 level, and figured in the Champions League for Porto last season.
“I am very excited,” the player said on arriving at Compton Park.
“Wolves is a huge club and an historic club.
“It is always a goal for me to play in England and this is a good opportunity for me.
“It is good for me to work with Nuno again because I know him and worked with him last year.
“I have also worked with some of the other players here as well.
“That will help me settle in here.
“It is always better when there are people that you know when you are moving to something different – a different country with a different language.
“Playing in the Championship will be very hard and very competitive with a lot of games.
“It will be a good experience for me.
“I will always do my best for the fans – I will do a lot of running for sure and hopefully will score goals and provide assists.”