The 20-year-old forward, who has been the under-23s’ leading scorer this season with 11 goals in the Premier League 2, has put pen to paper on a deal which will keep him at Molineux until the end of the 2021/22 season.
During this season, Ashley-Seal netted for Rob Edwards’ side in the Checkatrade Trophy win over Lincoln City, while he was also part of Nuno Espirito Santo’s first-team squad which travelled on a pre-season trip to Switzerland during the summer.
His first taste of senior football at Wolves came in the second round of the Carabao Cup when he came on with 10 minutes to go in the 2-0 victory against Sheffield Wednesday in August.
He also featured from the bench in the third round of the cup against Leicester City at Molineux, scoring a penalty in the 3-1 shoot-out defeat.
As part of enhancing Ashley-Seal’s development, the young striker is moving to Liga Pro side FC Famalicão for the remainder of the 2018/19 campaign to experience playing competitive senior football in a different environment.
Famalicão currently sit second in the Portuguese second division, with 38 points from their opening 18 matches – just two points behind league leaders Paços de Ferreira.