The winger, who is 23 next Tuesday, could come into contention to face Liverpool - the club where he started his career as a trainee - in Saturday's home clash. Hammill was also wanted by Blackpool, with Everton expressing an interest, but he has opted to move to Molineux on a three-and-a-half-year contract.
"I think my ambitions go hand in hand with the club," he said. "I'm really keen to play in the Premier League and the club are keen to establish themselves at this level."
He added: "I'm really excited about the prospect and Wolves are a massive club. I'm looking forward to playing my part for the rest of the season."
Hammill believes he will benefit from working under Wolves manager Mick McCarthy with his no-nonsense approach.
The former England Under-19 player said: "My agent has got a few players at Wolves already and they all say how much they enjoy playing under Mick and the staff.
"I've heard the manager is honest and will tell you things you don't want to hear at times. But he's straight down the middle and fair which is what everyone wants as a player."
McCarthy said: "I'm really pleased that we've managed to bring Adam in.
"He is a creative player who can provide chances for others but can also score goals and has done that wherever he has been.
"He is a very good player who will add to our competition for places and prove a valuable addition to the squad."
Source: PA
Source: PA