"We are delighted to welcome Vitor Pereira to Wolves as the new head coach of our men's first-team. Vitor is a highly respected and experienced coach who has achieved success across different leagues and will bring a new approach for the test ahead," club chairman Jeff Shi said. "This is a challenging moment for the club, and we want to thank Vitor for taking on this responsibility."
Pereira made his name at FC Porto after succeeding Andre Villas-Boas in 2011, leading the team to back-to-back Primeira Liga crowns. He has also won league titles in Greece with Olympiacos and China with Shanghai SIPG.
O'Neill was sacked following Saturday's 2-1 defeat to Ipswich Town at Molineux, which left Wolves 19th in the table with only two wins from 16 games.
Wolves face fellow strugglers Leicester City on Sunday before tough matches against Manchester United and Tottenham.
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