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Cutrone agreed to a four-year contract and becomes Wolves’ second pre-season signing following the arrival of Jesus Vallejo on loan from Real Madrid last week.
“The club really wanted me and being able to play in the Premier League for Wolves is fantastic. I just can’t wait to get started,” he told Wolves’ official website.
Cutrone, a product of Milan’s youth academy, made 90 appearances for the club over the last two seasons, scoring 27 times and making seven assists.
The 21-year-old made his senior debut for Italy in 2018 after appearing at every level of youth international football for his country.
Wolves sporting director Kevin Thelwell said: “Patrick is an exciting signing at a very exciting period for this football club.
“We have a strong philosophy under the leadership of Nuno of bringing in the right type of people and developing young talent while staying humble and grounded as individuals. We feel Patrick perfectly fits into our philosophy.”
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