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The Mexican international striker will remain in Molineux, the option of a permanent transfer of his loan from Benfica has been supported.
The wolves signed a record 30 million pounds ($ 40 million) contract to hire Raul Jimenez permanently from Benfica.
The Mexican International has returned to Molineux in the summer of 2018 thanks to a loan from the Benfica season.
A first productive campaign in England resulted in 15 goals in 37 appearances.
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After seeing the 27-year-old star in the FA Cup and Premier League competition, the Wolves did not hide their desire to retain Jimenez's services.
An agreement alluded to for some time has now been promulgated, with a four-year contract put in place.
Jimenez is delighted to stay there, telling Wolves official site"It's a great honor for me to be a permanent member of the team now. I am very happy with this permanent agreement because I feel that being at Wolves suits me.
"I enjoyed my stay here, I like playing on the pitch and, with all my teammates, we do our best in every game to win.
"Since I arrived here, everything has been so good. We had good times, bad times; but the best have been so good and I am very happy for that. "
He added, "I want to do the story here at the club. With my teammates, I want to put the club back to the top spots of the Premier League. I think we all want that and have that ambition.
"Personally, I want to continue scoring for the rest of my stay here, and that will be my main goal."
Jimenez formed a devastating partnership with Portuguese leader Diogo Jota during his stay at Wolves.
The two men allowed Nuno to remain in the running to rank in the top seven in the Premier League and European qualifiers, while qualifying for the FA Cup semi-finals.
They combined again in their last outing against Manchester United, Jimenez helping Jota to restore parity in a competition that allowed another scalp to win a 2-1 victory.
"We understand each other well, which is good for each other and for the team, but we know without the contribution of other players that nothing is possible," Jota said.
"It works for the moment and we just need to continue."
Wolves Athletic Director Kevin Thelwell said about this agreement to keep Jimenez next to Jota in Molineux: the club's long-term future.
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"From the moment he stepped through the door, he settled directly into the group, and this is reflected in his performance, with Raul providing his badistance and overall unselfish performance, as well as his goals.
"His goals in the Premier League and England Cup have been crucial to this season's success and we look forward to seeing him contribute even more at what will be an exciting end to the season in both competitions.
"The permanent signing of Raul shows the ambition of this football club and the determination to make the future an exciting one."
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