Pereira arrives from Al Shabab and has signed an 18 month contract. He succeeds Gary O'Neil, who was sacked earlier this week.
Chairman Jeff Shi said: “We are delighted to welcome Vitor Pereira to Wolves as the new head coach of our men’s first-team. Vitor is a highly respected and experienced coach who has achieved success across different leagues and will bring a new approach for the test ahead.
“This is a challenging moment for the club, and we want to thank Vitor for taking on this responsibility. We have full confidence in his ability to guide us back on track, alongside the players and staff, and the entire club will be united in supporting him to achieve success.”
Sporting director Matt Hobbs said: “Vitor is a highly experienced and accomplished head coach who has demonstrated his ability to succeed at the highest level. His personality, desire and leadership qualities stood out to us during this process, and we’re excited to see how he applies his expertise here at Wolves.
“I’m looking forward to working closely with Vitor and his team on a daily basis, supporting them in every way possible - from getting the maximum out of our staff at Compton, to recruitment in the upcoming transfer window - as we work together to strengthen the squad and achieve our collective goals.”