"Joleon has been an outstanding player for Wolves and we regret he is leaving and never had the opportunity to play for Wolves in the Premier League," Chief executive Jez Moxey said.
"He does leave with our very best wishes and thanks for everything he has helped Wolves achieve.
"He will of course be missed but we are sure he will develop into an exceptionally good Premiership player for Everton."
Lescott's move had been held up after Everton expressed concern over the medical he had last week.