Don't get confused with our old manager who got us promoted to the Premiership despite having the same name they are not related.
Jones has signed a 3 year deal with Wolves, which should keep him at Wolves until July 2011.
Jez Moxey told the Express and Star that: "David's arrival follows the same young and hungry path as Sam Vokes and Richard Stearman.
"His pedigree is second to none having been schooled at Manchester United and he was the mainstay of Derby's promotion two years ago.
"Mick McCarthy has always liked him. We wanted a left-sided midfielder and he gives the team great balance.
"He is a very good passer, both long and medium range and works very well in tight situations.
"He is great at dead ball situations and it wouldn't be a surprise to see him taking our free kicks and corners.
"We think he'll be a tremendous addition to the squad."
Last season during Derby's Premiership season, Jones made a total of 32 appearances and scoring 6 goals in the process.
Jones is a left footed midfielder that can play on the left wing and in the centre of the midfield.