The Portuguese, who won both players' and supporters' player of the season for 2017/18, has put pen to paper on a deal that could see him stay at the club until 2023.
The 21-year-old has shone for the Midlands club following his move from Porto last summer. In total he made 42 Championship appearances and scored six goals, all of which came from outside of the box.
The playmaker also made the EFL Team of the Season for his efforts, and was widely regarded by the end as 'the best player in the Championship'.
It's a major coup for Wolves to be able to tie the 21-year-old down to a better contract, with a number of big clubs such as Liverpool - as reported a few months ago by the Birmingham Mail - having started to circle.
Of course, it remains to be seen how Neves handles the step up in quality for his first Premier League season, but he appears to possess all the attributes to help Wolves climb the table next term.
Wolves have signed Rui Patricio and Raul Jimenez and should have money to make a few more signings before the new season begins, but keeping Neves might well be the best bit of business they do all summer.
Neves is now settled at Molineux and is aware of how adored he is by the club's supporters, and those things could help him to kick on in the English top flight.