Wolves signed Portuguese forward Fabio Silva from Porto for a club record fee of 40 million euros ($47 million, £36 million), both clubs confirmed on Saturday.

Silva, 18, has scored just three goals in 24 appearances for Porto's first team.

"Wolves are delighted to have secured the signing of highly-rated Portuguese youth international striker Fabio Silva from Porto, for a club record fee," the Premier League side said in a statement.

"The 18-year-old, who is Porto's youngest ever player and goalscorer having broken now-Wolves teammate Ruben Neves' club records last season, has put pen to paper on a five-year deal."

Silva becomes the 10th Portuguese player in Wolves' squad due to close links between Portuguese super agent Jorge Mendes and the club's Chinese owners Fosun.

Wolves coach Nuno Espirito Santo is also a Mendes client.

However, Wolves chairman Jeff Shi dismissed concerns over the huge fee for a player with so little first-team experience.

"He's a player that you only need several minutes to see his natural football talent," Shi told the club's website.

"In recent years, Fabio has been developing very fast and now has proven himself in Porto's first team, which is a top squad.

"Our head coach's requirement for quality is very high, but he thinks Fabio is an important signing who will help the team immediately this season.

"The timing of this deal is similar to the timing of when we bought Ruben Neves; we've waited for the right time to get a high-quality player at the right price."