The Portuguese international has put pen to paper on a bumper five-year contract and becomes Wolves' 13th signing of an incredible summer of transfer deals.

The Cavaleiro deal breaks the previous record of £6.5m, jointly held by the captures of strikers Kevin Doyle and Steven Fletcher in 2009 and 2010 respectively.

It also takes Wolves' summer spending to around the £14m mark in transfer fees alone.

They have signed five players on loan and eight permanently. And 12 of those have come in the last 41 days alone, since Fosun bought the club for £30m in July.

Cavaleiro, aged 22, cost Monaco around £13m when he joined from Benfica last summer.

Super-agent Jorge Mendes, who has close links with both Benfica and Monaco, has brokered the deal.

The highly-rated Cavaleiro, who has won two caps for Portugual, found game time hard to come by for the French side in his debut season, making 14 league appearances with seven of those coming off the bench.

He was team mates with current Wolves loanee Helder Costa, who was on loan at Monaco for the season.

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Cavaleiro's big break came in 2014/15 when he spent the season on loan at Spanish side Deportivo from Benfica.

He started 27 games in La Liga, scoring three goals.

WOLVES TRANSFER DEALS, SUMMER 2016

Goalkeepers: Andy Lonergan (undisclosed), Jack Ruddy (nominal)

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Defenders: Silvio (free), Cameron Borthwick-Jackson (loan), Richard Stearman (loan)

Midfielders: Helder Costa (loan), Joao Teixeira (loan), Prince Oniangue (£2m), Ola John (loan), Romain Saiss (£3m), Ivan Cavaleiro (£7m)

Strikers: Jon Dadi Bodvarsson (£1m), Paul Gladon (£1m)