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Wolves have completed the permanent signing of Jonny Castro Otto from Atletico Madrid for £15million.

The Spain international has been a first team regular for Wolves on their return to the Premier League and has inked a four-and-a-half year contract until 2023.

Jonny only joined Atletico last summer in a £6million switch from Celta Vigo but was immediately loaned to Molineux and never played for the Spanish side.

Now Jonny, who has impressed playing as a left wing-back for Wanderers, has finalised his switch to Molineux, with Atleti having been in need of funds after taking Alvaro Morata on an 18-month loan from Chelsea .

(Image: Wolves/Twitter)

"I’m very happy to sign for Wolves," said the 24-year-old. "The last few days we spoke about it and now it’s official, I’ll be 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.

(Image: PA)

"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."

Jonny has already made 22 appearances for Wolves, who currently sit seventh in the Premier League table.

One man on his way out is striker Leo Bonatini, who is set to join Championship side Nottingham Forest on loan.