The 27-year-old will hold his final press conference as a Fluminense player this Saturday at the club’s Carlos Castilho training centre.
Wolves are set to pay up to €22 million (£19m) on the deal, according to ge. Of this amount, €11m is guaranteed - with an additional €5m in performance-related bonuses.
A further €6m will go to Patriotas, the Colombian club that previously owned 50% of Arias’ economic rights.
Fluminense have secured 10% of any future transfer fee, should Arias leave Wolves. The Flu will also retain first refusal should Arias return to Brazilian football in the future.
At Wolves, Arias will be reunited with André, with whom he won the Copa Libertadores in 2023, the Recopa Sudamericana in 2024, and the Rio de Janeiro State Championship (in 2022 and 2023) during their time at Fluminense.
Arias departs as one of the most iconic figures in the Flu’s recent history. Over four years, he made 230 appearances, scored 47 goals, and provided 55 assists.