"I'm delighted to be here," Bjorklund told the Wolves official website.
"I've left one big club to join another.
"I first heard of Wolves' interest a week ago and I didn't need to think twice about wanting to come here."
"I've had a taste of Premiership football with Sunderland and now I would love to play a part in helping Wolves return there.
"But I've come up against most of the players here at one time or another and I've played against Paul Ince many times.
"It'll be nice to have the chance of playing alongside him rather than against him."