The midfielder spent the final two months of the season on loan at The Molineux and Wolves manager Glenn Hoddle moved quickly to turn that into a permanent two year deal once Spurs announced that Ricketts was surplus to requirements at White Hart Lane.
"We are delighted to have reached this agreement with Rohan, it is great news for the club," Hoddle told the club's official website.
"Rohan impressed during his loan spell at Wolves this season and once it was announced that he would soon be a free agent then we were keen to begin talks with him about a permanent deal.
"He's young, has lots of ability and is one for the future.
"We're all looking forward to seeing more from him, a player of his age will improve and he is a good buy for us now and for the years to come.
"I know a few other clubs were after him but it's good for the club all round that we managed to secure this agreement with him."
Ricketts will officially become a Wolves player on July 1st.