Wolves have signed Benfica winger Joao Teixeira on loan and Kaiserslautern forward Jon Dadi Bodvarsson for an undisclosed fee.
Teixeira became the first player to join the Sky Bet Championship club since Walter Zenga replaced Kenny Jackett as head coach at Molineux.
The 22-year-old has come through the ranks at Benfica, making one first-team appearance back in 2014 against Bayer Leverkusen in the Champions League.
Wolves head of football development and recruitment Kevin Thelwell told the club's website: "He's a really exciting player. He's a strong, highly technical young player.
"He's played a lot at Benfica B and he's also had loan experience with a professional team in Portugal's first division.
"I think it's a bit of a coup for us to get him and I think he will integrate into the group really quickly once he picks up a bit more of the language."
Iceland international Bodvarsson has agreed a three-year contract at Molineux after a short-term deal at the German club.
He told the club's website: "I know what kind of club Wolves is, it's a really attractive club with great and high ambitions.
"They want to be at the top level, I know it will take time but hopefully we can get there as soon as possible."
Bodvarsson, 24, was part of the Iceland team that reached the quarter-finals of the European Championship, playing in all five matches.
He stared his career at UMF Selfoss before moving to Norwegian side Viking FK in 2013 where he spent spent three seasons ahead of his move to Germany earlier this year.