Stale Solbakken is relishing the chance to revive Wolves' fortunes after being appointed as their new manager.
The former FC Copenhagen and Cologne coach will replace the sacked Mick McCarthy and interim manager Terry Connor.
Solbakken, 44, will be aiming to restore the Black Country club to the top flight following their relegation from the Barclays Premier League after three successive seasons at the highest level.
The former Wimbledon player, who will be presented to the media on Monday, said: "I am delighted to be taking up the important challenge to manage Wolves.
"It's an exciting opportunity to manage a great club and I can't wait to get started."
Wolves chief executive Jez Moxey said: "Following talks with Stale Solbakken, I am happy to confirm that he has agreed to become our new manager.
"He will be formally introduced to the media on Monday."
Connor will manage the team for the final game of the season against Wigan at the DW Stadium on Sunday.
It is believed Connor will retain a role at Molineux as part of the backroom staff after 13 years' service with the club. Wolves owner Steve Morgan and Moxey will hope Solbakken can pump new life into a team which has endured a disastrous campaign and failed to win in their last 13 games.
The former Norway international has Champions League experience with Copenhagen and steered them to a shock win over Manchester United six years ago as well as holding Barcelona to a 1-1 draw in 2010.
But the Championship will be a new experience for Solbakken.
Morgan has already promised that funds will be made available to try to restore Wolves to the top flight at the first attempt.
But Solbakken faces a fight to hold onto the likes of top scorer Steven Fletcher, fellow striker Kevin Doyle and England winger Matt Jarvis.
The Wolves players and Connor were informed of the appointment in a meeting with Moxey at the club's training ground this morning and several of them are in the dark about Solbakken's pedigree.
Central defender Roger Johnson said: "I am not too sure. I don't know who the guy is to be honest. It is out of the blue. We'll see what happens."
Defender Ronald Zubar said: "Seriously, I don't know who he is but I will know today for sure."
Stale Solbakken Factfile:
1968: Born on February 27 in Kongsvinger, Norway.
1989: After spending five years playing for his local lower league team Grue, the midfielder signs for 2. divisjon outfit HamKam.
1991: Helps HamKam achieve promotion to the Tippeligaen - the highest division in Norway.
1994: Signs for HamKam's Tippeligaen rivals Lillestrom.
Makes his international debut. Solbakken would go on to make 58 appearances for Norway between 1994 and 2000.
1995: Wins the 1995 Kniksen award as Norwegian midfielder of the year.
1997: October - Moves to English Premier Division side Wimbledon.
Despite being named man of the match in two of his six matches for the Dons, Solbakken falls out with manager Joe Kinnear and is banned from training with the club.
1998: June - Helps Norway reach the last 16 of the World Cup, where they are knocked out after a 1-0 loss to Italy.
August - Moves to Danish side Aalborg BK.
1999: Leads Aalborg to the 1998-99 Danish Superliga championship and the Danish Cup final.
2000: Awarded Danish player of the year.
June - Plays in Euro 2000 as Norway are eliminated at the group stage.
August - Moves to Aalborg's Danish rivals Copenhagen.
2001: March - Suffers a heart attack during a Copenhagen training session. The team doctor, Frank Odgaard, says Solbakken was "clinically dead". He survives the episode and has a pacemaker fitted but the incident ends his playing career.
2002: Begins coaching career at old club HamKam, who are now back in the second tier.
2004: Wins the 2004 Kniksen award as Norwegian coach of the year after guiding HamKam to a fifth-place finish in the Tippeligaen following their promotion the year before.
2005: Rejoins another old club Copenhagen. Under his command the side win the Danish Superliga five times in six years as well as the Scandinavian Royal League in 2006 and the Danish Cup in 2009.
2011: May - Appointed manager of Bundesliga club Cologne.
2012: April - Sacked as manager of Cologne after a poor first season in charge. Frank Schaefer takes charge of the final four games of the season during which time the club are relegated.
May 11 - Announced as new manager of a Wolves side recently relegated to the npower Championship. Solbakken officially takes charge of the midlands outfit on July 1.