Goncalves spent the previous two seasons at Molineux, having signed from Valencia in 2017, and has featured regularly for Wolves under-23s.
In that time the midfielder also made his senior debut as a substitute against Sheffield Wednesday in the Carabao Cup last August.
Goncalves leaves Wolves Academy, who he helped to promotion from Premier League 2 Division 2, with 38 under-23 appearances and nine goals.
Fellow Portuguese midfielder, Dias joins Goncalves at the Primeira Liga club, having spent just one season in Wolverhampton.
His move was less fruitful however, with Dias making a solitary appearance as a substitute against Sunderland in Premier League 2 Division 2.
Wolves striker Benny Ashley-Seal spent the second half of the 2018/19 campaign on loan at Famalicao and netted one goal as they sealed promotion to the top tier of Portuguese football.
