Patricio, 30, won his 70th cap for Portugal in their 2018 World Cup opener against Spain last week and was part of the squad that won Euro 2016.
He opted to break his Sporting Lisbon contract after a group of around 50 masked supporters broke into the club’s headquarters and physically assaulted players and staff in May as they were preparing for a training session ahead of the Portuguese Cup final against Aves.
Patricio was one of a number of players to cite the ‘just cause’ in relation to the lack of safety and protection highlighted by the attack.
He had been at the Portuguese club since the age of 12, making 460 appearances, including 26 in the Champions League.
Wolves head coach Nuno Espirito Santo has already signed Mexico international Raul Jimenez from Benfica this summer as he looks to strengthen the club’s squad ahead of their return to the Premier League.
The Midlands club comfortably won the Sky Bet Championship last season with the help of a number of Portuguese imports brought in as part of Wolves’ close relationship with super agent Jorge Mendes.
Ruben Neves, Diego Jota and Helder Costa are among a number of Mendes’ clients to have joined Wolves since Fosun took charge of the club in 2016.