According to Goal.com, the Wanderers had to pay Porto a transfer fee of £16 million in order to secure the services of the 20-year-old midfielder.
Wolves chairman Shi has praised the Portugal international midfielder for having a strong mentality.
"Ruben Neves is very young, foreign, never played in UK...but he's adapted because he has a strong mentality,” Shi told The Express & Star.
Neves has established himself as one of the most important players in the current Wolves team and is one of the best players in the Championship.
The 20-year-old midfielder has scored four goals in 33 Championship appearances for the Wanderers so far this season.
Nuno’s side’s performances and results in recent weeks have not been great, but Wolves can still very much earn automatic promotion to the Premier League at the end of the season.
Wolves will take on Reading at home in the Championship on Tuesday evening.