The Wolves paid a reported £15 million for the 21-year-old, making him Julen Lopetegui’s sixth signing.
Gomes’ contract, which is subject to a work permit and international clearance, includes an option for an additional year at Wolves, who beat French club Lyon to his signature.
He has made 86 league appearances for his hometown club, scoring once and winning the Copa Libertadores in 2022.
Gomes made his debut in November 2020, but he has already won the Brazilian Serie A league and the domestic cup with Flamengo.
Besides Lopetegui, Mario Lemina, Pablo Sarabia, Matheus Cunha, Craig Dawson, and Daniel Bentley have all worked at Molineux since Lopetegui took command.
Wolves have risen to 17th in the Premier League, just outside the relegation zone on goal difference, after taking seven points from a possible 15.
Wolves signs Gomes: What’s more to know?
He is set to sign a five-and-a-half-year contract with Wolves, despite previously stating his desire to play for Premier League rivals Liverpool and being linked with Manchester United.
‘Liverpool are a team I’d play for,’ he said last September to ESPN. ‘I have a strong desire to play.’
‘Playing in the Champions League is my biggest football dream.’
Despite their struggles in midfield, Liverpool have not pursued a move, unlike Newcastle, who were keeping an eye on the midfielder.
The Magpies, who are third in the table, decided against signing Gomes.