Wolves have completed a club-record £18 million ($24m) deal for Jonny, with the defender’s loan switch from Atletico Madrid turned into a permanent transfer.
The Spaniard has signed a contract at Molineux through to 2023.
The 24-year-old first arrived in England last summer, with a season-long agreement taking him away from his homeland.
He slotted seamlessly into the fold under Wolves boss Nuno and is delighted to have committed to a long-term stay with a team holding their own among the Premier League elite.
Jonny told the club’s official website: “I’m very happy to sign for Wolves. The last few days we spoke about it and now it’s official, I’ll be at Wolves for the next four years.
“I’m really happy to continue to be involved with the team. I am very happy here, the truth is that it was very easy to decide.
“They are treating me very well, there are great staff, great team-mates and great supporters. It is a big club and, really, I am very happy to be here.”
Jonny added on the transfer talks which resulted in a big-money agreement being struck: “We’ve had conversations for a while, but everything has been very fast.
“The clubs reached an agreement and asked me what I thought and really from the first moment I said yes to Wolves because the truth is that I am very happy to be here.
“I really like this league, I really like Wolverhampton and I'm really happy to be here.”
On his hopes for the rest of the season, Jonny said: “The same as the first, but even more.
“I think we have to think about continuing to improve, the team is working well but there is always room for improvement.
“I think that if we continue at this level we can be in a high position in the league.”
Wolves currently sit seventh in the Premier League table.
Jonny, who has mainly figured in a left wing-back role, has made 22 appearances for the club to date.
His efforts have not only been noted by those at Molineux, leading to him being snapped up on a full-time basis, but also by those back in Spain.
He earned a first senior international cap for his country back in October during a friendly clash with Wales.