Wolves have completed the signing of Iceland striker Bjorn Sigurdarson from Lillestrom and are closing on Real Sociedad defender Vladim Demidov.
The Midlanders confirmed the capture of 21-year-old Sigurdarson on their official website on Tuesday after he came through a medical.
It is thought the young frontman has joined in a deal worth £2.4million.
Sigurdarson says his older half-brother, Joey Gudjonsson, has warned him of the demands of the English game after spending the 2003-04 season on loan at Wolves, as well as playing for Aston Villa, Burnley and Leicester.
He told the Express and Star: "My brother was playing over here and I always followed him.
"He told me the quality is high and it can be tough and you have to be at a high fitness level to do well.
"I'm ready to build up to that and will do my best to make sure I'm ready."
The striker is looking forward to working under new manager and former Lillestrom player Stale Solbakken, who succeeded Terry Connor earlier this summer following Wolves' relegation.
"Stale is a fantastic guy," added Sigurdarson.
"I know people speak really highly of him and they have told me it's going to be great for my career to work with him."
Meanwhile, reports suggest Wolves have agreed a fee with Sociedad for Norwegian centre-back Demidov, who has a year remaining on his contract with the Primera Liga club.
The 25-year-old is currently in England negotiating a deal with the relegated side as they prepare for life in the Championship.
Talks are thought to be in the advanced stages after new boss Solbakken spoke with his compatriot, who is believed to be worth €700,000 (£550,000).