Previous shirt sponsors W88 have been ditched after just one season with Wolves pursuing a more lucrative deal with the Malta-based ManBetX.
The firm have sponsored Crystal Palace for the past two seasons and also sponsor the snooker Welsh Open.
ManBetX will be the main shirt sponsor on the first-team shirts. Wolves have called the firm one of the world's leading betting websites, who 'offer odds and streams on an array of sports including football, basketball and ice hockey to a wide audience across Asia'.
It's understood Wolves exercised a break clause in their W88 deal to end their sponsorship after one season. A similar situation happened with the Money Shop when Wolves won promotion from the Championship.
Wolves managing director Laurie Dalrymple: “We are delighted to welcome ManBetX as our new shirt sponsors as we enter another hugely exciting period for the football club.
“We had the opportunity to work with a new principal partner for the 2019/20 season and we felt that the scale and ambition of ManBetX was closely aligned to ours - I’m confident we can achieve great things in what is Wolves’ largest ever sponsorship deal.
“As the team moves at an exciting pace on the pitch, guiding us into Europe for the first time in 40 years, it’s essential development off it continues at a similar rate, and this deal represents huge progression.
“A large focus has been placed on developing our global audience, with the team heading to Nanjing and Shanghai for the Premier League Asia Trophy in July, and this deal will only expand our global reach, given the impressive reputation ManBetX has in Asia.”
The under-23 shirts will also be sponsored by ManBetX, but Wolves Academy will continue to be sponsored by the University of Wolverhampton. A junior shirt sponsor will be announced in the next few weeks.
ManBetX formed in 2007.
Sponsorship director Xavi Wong said: “We are extremely proud to be able to partner with Wolves as we believe that, being together, we are able to make a huge impact in our respective fields.
“We are certain that our partnership will blossom and benefit both parties. We believe that Wolves are able to move us to greater heights and set us apart from our competitors.
“We are looking forward for this partnership and are excited for what the future holds for the both. Good luck to Wolves in the upcoming 2019/20 Premier League season.”