Last season’s second highest scorer Bonatini has put pen-to-paper on a four-year-deal, whilst exciting teenager Vinagre has signed a five-year contract.
Both arrived at Wolves last summer and played a part in the club’s sensational Championship winning season.
Bonatini netted 12 times in 43 Championship appearances, with a prolific spell in the first half of the campaign firing Wolves into an early league lead which proved unassailable.
The 24-year-old’s goal-scoring exploits saw him scoop the Sky Bet Championship Player of the Month award in October, and he signs from Saudi Professional League side Al-Hilal for an undisclosed fee.
19-year-old Vinagre made nine Championship appearances, netting once in the 4-0 win at Burton Albion, and four further appearances in cup competitions.
The youngster signs from AS Monaco, where he has been a professional for three years since arriving as a youth player from Sporting CP.
Wolves sporting director Kevin Thelwell said: “We are delighted to secure the services of two players we rate very highly, and we believe can play a huge part in our plans for our first season back in the Premier League and beyond.
“Both players have been part of this group for a season, and that means they can hit the ground running and won’t need any additional time to adjust to Nuno and his coaching staff’s high standards of preparation and training.
“Leo Bonatini was unstoppable for a long stretch last season - his goals played a huge part in our promotion - and we have no doubt he can reproduce that kind of goalscoring form in the Premier League.
“Ruben Vinagre is a hugely exciting prospect, and we are really looking forward to him developing further under Nuno’s tutelage.”
Both players will join up with Nuno Espirito Santo’s squad at Compton on Monday, before traveling to Switzerland for a pre-season training camp the following week.