The experienced coach was let go after the club finished sixth in the Premier League.
Pochettino, who took over a team that floundered in mid-table last season, also reached a cup final and a cup semi-final.
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Really, really surprised," Wolves boss Gary O'Neil told Sky Sports at the LMA Awards.
"I thought - especially the way they ended the season - I thought they looked like a good side.
Talk about tough jobs and what I walked into at Wolves but he walked into an incredibly tough changing room with so many players that had been signed."
Luton boss Rob Edwards added: I am shocked. They've obviously finished the season really strongly.
Mauricio's an amazing manager and I was just shocked when I heard the news."