The 20-year-old striker joins from Estoril, who he represented in Portugal’s Liga Pro last season, and will immediately link up with Pacos de Ferreira on a season-long loan to gain further experience.
Dadashov, who scored four times in 22 Liga Pro appearances last season, is a full Azerbaijan international with three caps, the most recent of which came in this summer’s Euro 2020 qualifiers against Hungary and Slovakia.
His first senior international call-up in 2017 came after multiple appearances for both Azerbaijan and German youth levels, having been born in Rudesheim to Azerbaijani parents.
It was in Germany where Dadashov spent much of his youth career, moving between Eintracht Frankfurt and RB Leipzig in his later years before the transfer to Estoril last summer.
Now, after agreeing a four-year deal at Molineux, the Azerbaijani will spend the 2019/20 campaign with Pacos, following their promotion to Primeira Liga in Portugal.
It was at Pacos where Diogo Jota began his professional career and Wolves’ latest signing will now join up with the club for his first taste of a European top division.
Wolves sporting director Kevin Thelwell said: “Renat is an exciting prospect who we have been monitoring closely over the past season and we’re delighted to welcome him to the club.
“When working in the transfer window, we are not only focused on the present, but also the future, and in Renat I’m very hopeful we have secured a signing who will develop into a fantastic footballer in the future.
“Renat has all the characteristics we look for in a Wolves player and now departs for Pacos de Ferreira determined to develop into an even better footballer for his return in a year’s time.
“Our supporters can see first-hand the ilk of player Pacos have produced in the past in Diogo Jota and we now wish Renat the best of luck during his loan, which we will be monitoring very closely during 2019/20.”