Nunes, a Brazilian-born Portugal international, has signed a five-year deal at Molineux after arriving from Sporting CP.
It has been reported that Wolves are paying an initial £38million (€45m), with add-ons potentially taking the fee to £42.2m (€50m).
The 23-year-old has been linked with a Premier League move over the last year, and follows Nathan Collins and Goncalo Guedes as Wolves' third signing of the transfer window.
𝐿𝑖𝑔ℎ𝑡𝑠, 𝑐𝑎𝑚𝑒𝑟𝑎, 𝒂𝒄𝒕𝒊𝒐𝒏!— Wolves (@Wolves) August 17, 2022
Bruno Lage will have the midfielder, who scored in his final match for Sporting, at his disposal for Saturday's trip to Tottenham.
Capable of playing in any central role in midfield, Nunes is relishing the chance to play in the Premier League.
"I'm very excited. For me, I could play tomorrow already, but I can't because the game is Saturday, but I'm looking forward to it," Nunes told Wolves' official website.
"I think the club itself [convinced me] and also I spoke to some of my team-mates because I play with them for the national team.
"The coach as well, he really wanted me, and I wanted to play in the Premier League. I think it's the right next step for me, and I'm very happy to be here."
Lage has elected to stray away from the three-at-the-back system with which Wolves have become so familiar in recent seasons, a move that also facilitated club captain Conor Coady leaving to Everton on loan.
Wolves lost to Leeds United in their opening game before drawing with newly promoted Fulham, and Nunes will be hoping to impress in order to seal his place in Portugal's World Cup squad.
He said: "I just want to enjoy myself and deliver to the fans' expectations, help the club and try to make them enjoy our football."