Niall Ennis committed his future to the club in November last year but was forced to wait as his three-year-deal would not come into effect until July 1st.
Discussing the youngster's next step, Head of Football Development & Recruitment Kevin Thelwell said: "It's been in the pipeline for a long, long while. We're delighted that he's signed with us.
"He's always been committed to Wolverhampton Wanderers having been here a long time.
"We're hoping that he's going to go on and have a fantastic future and help us achieve the things we want to achieve.
"There's still a lot of hard work to go. He knows and understands that but it's a massive step in the right direction, both for him and the football club."
Ennis was relieved to have finally achieved professional terms. "I'm just really happy that I've managed to get a professional contract, I've wanted to be a pro since I started playing when I was six-years-old," explained the 17-year-old.
"I always set myself targets and I'm delighted that I've finally turned pro because that was my next target.
"Hopefully now I can become a regular in the Under 21s and maybe even push for the first team but there's no rush because I've just turned 17 and I want to take my time.
"When I get there, I want to stay in the team, not bounce in and out so I need to make sure I'm ready."
The young forward trained for the first time on Thursday having been out with an ankle injury and Ennis relished being back on the training pitch.
"My first session was really good. I felt sharp and my leg feels really strong so I'm hoping I can just push on now," he commented.
