The Rossoneri confirmed Cutrone had moved on via a statement on the club's official website. Cutrone, 21 underwent a medical and is said to have signed a four-year contract with Wolves, for €18 million and a further €4 million in bonuses, per Football Italia.
Wolves sporting director Kevin Thelwell told the Premier League side's official website (h/t Football Italia) how "Patrick is an exciting signing at a very exciting period for this football club."
Thelwell also noted how this signing continues Wolves' recent habit of "developing young talent" under the stewardship of manager Nuno Espirito Santo.
The latter guided Wolves to seventh in England's top flight last season one season after earning promotion from the Championship. Shrewd buys like the initial loan of striker Raul Jimenez from Benfica, formed the platform to help Wolves mix it with the big boys.
Adding Cutrone gives Santo one more gifted attacking option for a versatile forward line. The Italian will join Jimenez, who made his loan permanent in a £30 million switch, and Diogo Jota, who netted nine league goals and provided five assists last term.
Jota is still 22 and a rising star, while Cutrone still needs to prove he can reach his undoubted potential.
A return of three goals and two assists from 12 starts and 22 substitute appearances in Serie A last season proves there is ability, and not everybody is impressed with Milan's decision to move the forward on so soon:
If Cutrone can earn starts early, he will help make Wolves even more effective on the break. He'll also boost the strength in depth of a squad now trying to negotiate the demands of European football and a place in the UEFA Europa League.