Wolves have completed the signing of highly rated Porto star Fabio Silva in a club-record deal reported to be €40million (£35.6m).

Silva, 18, has signed a five-year deal with the club and further increases the significant Portuguese contingent at Molineux.

The striker made the step up to the Porto senior side in 2019-20 having helped the club win the UEFA Youth League in the previous campaign and holds the records for the Portuguese club's youngest player and goalscorer, benchmarks held previously by now Wolves midfielder Ruben Neves.

He made 20 appearances across all competitions for Porto's senior team, and although he scored just three goals, Silva is regarded as one of Portugal's finest prospects.

Wolves' executive chairman Jeff Shi revealed the club had been tracking Silva for several years and that the desire for his signing comes straight from head coach Nuno Espirito Santo.

"Our recruitment team have been watching Fabio since he played for Portugal Under-16s and they feel he has always been the best number nine coming through his age group anywhere in Europe," Shi said.

"In recent years, Fabio has been developing very fast and now has proven himself in Porto's first team, which is a top squad.

"Our head coach's requirement for quality is very high, but he thinks Fabio is an important signing who will help the team immediately this season.

"The timing of this deal is similar to the timing of when we bought Ruben Neves; we've waited for the right time to get a high-quality player at the right price."

Silva's prodigious talent has seen some pundits suggest he can become Cristiano Ronaldo's long-term heir for Portugal.

While such claims may be premature given Andre Silva was given the same treatment a few years ago, the teenager has attracted interest from many of Europe's biggest clubs.

Real Madrid and Liverpool had both been linked as keen admirers of the tricky attacker, yet it is Wolves who have pulled off an impressive transfer.

Wolves boast strong connections to Portuguese football and 'super agent' Jorge Mendes, with much of the club's coaching and playing staff from Portugal.

Seven of the senior squad are from Portugal, while there are also several others who have plied their trade in the Primeira Liga.

Silva will compete with Raul Jimenez, Daniel Podence, Pedro Neto, Diogo Jota and Adama Traore for a first-team role, with the teenager's skillset making him a potentially versatile option across the front.