The Republic of Ireland full back has joined Blackpool on an emergency loan deal for the rest of the Tangerines campaign
Foley was a popular figure at Molineux, making over 200 appearances for Wolves. However, under new manager Kenny Jackett the 29-year-old has only featured seven times.
Jackett explained the move to the Express and Star;
"It’s a great move for Kevin. Right-back has been a good position for us this season. Kevin hasn’t done anything wrong to be honest – it’s just players are ahead of him –and this is a good move for him and a fresh start to get out and get playing which suits both him and Blackpool.”
Foley follows Roger Johnson and Kevin Doyle out of the door via the loan system as Wolves attempt to restructure their wage bill, following two consecutive relegations.
The Irish international has will make the step up to Blackpool under caretaker boss Barry Ferguson, who was delighted to get his first choice signing. The former Scotland captain told Blackpool's official club website;
"With Tony (McMahon) being out through suspension, I don't like to play people out of position," Ferguson said. "The chairman gave me the go-ahead to go and try and get somebody, and Kevin was somebody I've known for a long time.
"I played against him when I was at Birmingham and I asked a few people about him as well, which I always do. They all came back with positive things and I obviously know what he can do on the pitch.
"He was at the top of the list - there was two that I was desperate to get in and he was one of them - and thankfully we got it through yesterday."
Blackpool currently sit eight points clear of the relegation zone, in 18th, and are looking to consolidate their place in the Sky Bet Championship after a poor run of form under former boss Paul Ince.