Wolves have appointed Vitor Pereira as their new head coach following the sacking of Gary O'Neill.
Pereira signed a one-and-a-half-year deal after a compensation deal of just over £800,000 was agreed with Saudi Pro League side Al Shabab for his departure.
The 56-year-old started training on Thursday and will be in charge of Sunday's visit to Leicester.
Wolves chairman Jeff Shi said: “We are delighted to welcome Vitor Pereira to Wolves as the new coach of our men's first team.
“Vitor is a highly respected and experienced coach who has achieved success in various leagues and will bring a new approach to the test ahead.
Vitor Pereira has signed a one-and-a-half-year contract with Molineux
“This is a challenging time for the club and we want to thank Vitor for taking on this responsibility.
“We have every confidence in his ability to get us back on track, along with the players and staff, and the whole club will be united in supporting him to achieve success.”
O'Neil was sacked on Sunday following Ipswich's dramatic 2-1 defeat at Molineux on Saturday, followed by a clash in which Rayan Ait-Nouri retired from the field and Matheus Cunha accused of misconduct by the FA.
The result leaves Wolves in 19th place in the Premier League table – five points behind 17th-placed Leicester, who they play away from home on Sunday.
Sky Sports News Wolves are said to be happy to pay Pereira's release clause and the 56-year-old, who won league titles in three different countries while at Porto, Olympiakos and Shanghai, was keen on a move to Molineux.
Pereira – who has been in charge of Al Shabab since February – had been linked with the Everton job at the start of 2022, but Toffees fans made their opposition clear with protests and Frank Lampard was appointed instead.
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Sky Sports' Peter Smith looks at the stats behind Wolves' defensive performances and highlights the need for them to improve quickly to avoid relegation
Analysis: Who is Vitor Pereira?
Sky Sports features writer Adam Bate:
Wolves' appointment of Pereira takes the number of jobs the Portuguese manager has taken on since leaving Porto in 2013 into double figures. Ten years ago, Pereira was briefly regarded as one of the brightest coaching prospects in Europe.
His achievements in Porto are repeated. He won the title in each of his two seasons, inheriting a team that went undefeated in the championship under Andre Villas-Boas. Pereira's final season was particularly impressive as Porto went unbeaten again.
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FREE TO WATCH: Highlights from Ipswich's win against Wolves in the Premier League
He was a title winner with Olympiakos in Greece and won the Chinese Super League during his time in Shanghai, but there was also a chaotic spell in charge of Fenerbahce and a doomed attempt to maintain Munich's 1860 status in Germany's second division.
Having also spent more than a year in Brazil, working at two big clubs in Corinthians and Flamengo, Pereira has the pedigree, but there is an element of risk to his credentials as this is his first job in one of Europe's top five leagues. .
There are elements in its favor. Wolves have a history of Portuguese managers being promoted to the Premier League under Nuno Espirito Santo and reaching the top in the first half of the competition under both Nuno and his successor Bruno Lage.
The Wolves squad still reflects that influence. As many as eight members of the squad for O'Neill's final game against Ipswich are native Portuguese speakers, and that does not include suspended Brazil international midfielder Joao Gomes.
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Sky Sports' Sam Blitz explains what Pereira could bring to Molineux
Some of them are key figures within the group, ones that Pereira will need in the side if he is to turn around Wolves' fortunes. Nelson Semedo is now the captain of the team. Cunha is an undoubted star. Improving Andre's form could be critical.
The problem for Pereira is that he has to act quickly. Defeat against Leicester in their next game would leave Wolves seven points clear of a team they must surely catch if they want to stay up. To succeed, it is necessary to quickly instill discipline and provide hope.
Wolves' next six games in the Premier League
Leicester (a) – December 22, 2 p.m
Man Utd (h) – December 26, 5:30 p.m
Tottenham (a) – December 29, 3 p.m
Nottingham Forest (h) – January 6, 8 p.m. – Live on Sky Sports
Newcastle (a) – January 15, 7:30 p.m
Chelsea (a) – January 20, 8 p.m. – Live on Sky Sports
What happened at Everton?
Pereira was close to becoming Everton manager in January 2022, even going so far as to speak to Sky Sports News in an attempt to head off fan protests over his expected appointment. In the end, the Toffees opted for Lampard.
“It was either him or Lampard,” Sky Sports' News explains journalist Alan Myers. “I think the fans liked Lampard more than him. They wanted Pereira out and he wasn't even in!” But for a while it seemed that Pereira had managed to convince Everton's hierarchy.
“He had an interview with Bill Kenwright and Bill was delighted with it. At first he didn't think he was right for it and he ended up voting for Frank Lampard, but I remember him calling me and saying this is the most enthusiastic, inspirational person you'll ever meet could meet.
“Bill said he was flawless, you could eat dinner off his suit. He was totally devastated. I thought he was going to get the job at that point. The board vote ended up being unanimous in Lampard's favor, but he was close to being serious considered.
“He had success at Porto and built his career on that, won a few things, but since then he's had more clubs than Jack Nicklaus. He's certainly a character who will light up the Premier League in many ways. He doesn't hold back on what he speaks.”