The 20-year-old defensive midfielder has put pen to paper on a five-year deal after making the switch from Porto.
Whilst, in line with club policy, the terms of the deal will remain undisclosed, Wolves can confirm it is a club record transfer outlay.
“I’m very excited to play at this club,” says Neves, now set to join up with the squad at the forthcoming training camp in Austria.
“It is a very big club and I hope to help the team to win their goals.
“I have always wanted to play in England and we have a good team.
“I think we can do good things this season.
“It is also a good opportunity for me to work again with a trainer (Nuno Espírito Santo) I worked with last year.
“I am very excited to start and to play in front of the fans – I love that.”
Nuno, speaking as the deal was nearing its conclusion, said: “Ruben is a very good player who can bring new things to our squad.
"I know him well, I worked with him last year - he's a good player.
“When a player is captain of a big team like Porto in a Champions League game at such a young age, it means a lot."
“He was very pleased to come here, it's a good challenge for him."
Neves emerged through the youth ranks at Porto, having joined them at the age of eight.
In the 2012/13 season he was loaned to Padroense, which acted as Porto’s Under-16 team, going on to make his Porto debut in the Portuguese League as a 17-year-old in August, 2014.
He started in a 2-0 win against CS Maritimo and also became the youngest player in Porto’s history to score a goal in the competition.
Five days later he became the youngest ever Portuguese player to appear in the Champions League, whilst in October, 2015 – as an 18-year-old – he became the youngest ever Champions League captain against Maccabi Tel Aviv.
The landmarks continued as Neves became the youngest ever to chalk up 50 appearances for Porto.
In total, despite still being only 20, he has made 93 senior appearances – including 18 in the Champions League - from which he has scored four goals.
Neves also boasts extensive experience at international level through the Portuguese age groups.
Most recently he appeared for the Under-21 squad in the European Championships in Poland.
He also boasts two senior caps for Portugal, against Russia and Luxembourg.
Wolves delayed announcing the conclusion of the deal to sign Neves following the sad news on Thursday that keeper Carl Ikeme has been diagnosed with leukaemia.
*Ruben is pictured modelling the new 2017/18 away kit from PUMA that is on sale online at wolvesmegastore.co.uk now and in store from 9am today.