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.
"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."
Source: PA
Source: PA