Wolves have completed the signing of Steven Fletcher from Burnley for an undisclosed fee.
The Scotland international scored eight goals in 35 Barclays Premier League games for a Clarets side which suffered relegation straight back to the Championship.
The 23-year-old has signed a four-year contract, with the option for a fifth year.
Wolves chief executive Jez Moxey said: "We are delighted to complete the signing of Steven Fletcher. He was one of Mick's main targets for the summer and - just like last season with Kevin Doyle - we were able to register our interest early and get the deal done."
Fletcher began his professional career at Hibernian and was once linked with Real Madrid before a more natural progression to the English top flight.
Moxey confirmed that the deal equalled the record transfer fee paid by Wolves, which is thought to be the £6.5million spent to recruit Republic of Ireland striker Doyle last summer.
Moxey added: "He is a Scottish international who has been heavily scouted by our management and scouting team and is an excellent player whom, despite his relatively young age, already boasts plenty of experience at the top level in both England and Scotland.
"He showed last season with Burnley, a team which were eventually relegated, that not only can he score goals in the Premier League but also achieve a consistent level of performance in his all-round game.
"We believe Steven's abilities and qualities will perfectly complement Kevin, Sylvan Ebanks-Blake and the other strikers already at the club and create some fierce competition for places up front next season.
"Although we continue to stick to the policy of not disclosing specific transfer fees, I can confirm that this move makes Steven our (joint) record signing."
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