Peterborough have signed winger Nathaniel Mendez-Laing from Wolves on a three-year deal for an undisclosed fee.
Mendez-Laing, who had a loan stint at Posh when they were in npower League One, will fly out to a training camp in Portugal at the beginning of next week to meet his new team-mates.
"Nathaniel is a player that I know well. He did well for us in the loan spell and I think the key now is that he is our player," Posh boss Darren Ferguson told the club's official website. "He has all the ability in the world, he is young, has great pace and it is now about fulfilling that potential.
"He can play wide or up front and gives us that something different. He is the type of player that we have probably lacked and I am pleased to get him on board."
Mendez-Laing added: "I felt it was the right move at the right time for me. I am 20 years old now and I want to be playing football. When I heard Peterborough were interested, I was very keen to come and I am pleased everything has been sorted out.
"The manager has talked to me about formations that we will be using this season and I am excited. I loved my loan spell at Peterborough, the fans were fantastic and made me feel very welcome. Playing in the Championship was a massive attraction to me."