Throughout this month, it was widely claimed that Chelsea owners Todd Boehly and Clearlake Capital were on the brink of signing the 17-year-old and sending him on loan to Strasbourg.
The plan would be for Lima to eventually move to Stamford Bridge, but in a surprising turn of events, it was revealed that Wolves had won the race for his signature on Monday night.
Sport Recife announced that they had successfully negotiated terms for Lima to make the switch to Molineux when he turns 18 years of age on July 1.
Wolves will allegedly pay in the region of £8.5m for the teenager, who is expected to sign a contract of at least five years.
Reasons emerge why Lima chose Wolves
Matheus Cunha - one of Wolves' key players - stated before the turn of events that he would have liked to have seen Wolves sign Lima, a player who was born 20 minutes away from his hometown in Brazil.
Conversations were allegedly held between the pair and contributed to Lima choosing Wolves, but there are reportedly other reasons why the right-back changed his mind.
According to journalist Felipe Luna, who was commenting on X, Wolves were able to sign Lima despite Chelsea being prepared to increase their offer.
Lima allegedly felt that being loaned out to Strasbourg would be detrimental to his bid to play for Brazil at the 2026 World Cup.
The same is said to have applied with Manchester City, who would have taken the same route as Chelsea and sent him to one of their affiliate clubs.
With regards to Wolves, Lima has seemingly been given assurances that he will become an immediate contender for playing time in Premier League fixtures.
Will Lima actually feature regularly?
Despite his potential, Lima is a player who is yet to play top-flight football with Sport Recife currently playing in the second tier of Brazil.
Earning five caps for the Brazil Under-17 side - one of which came in a 2-1 win over England at the 2023 World Cup - highlights that he is well thought of.
Nevertheless, Lima will realistically be no more than understudy to the likes of Nelson Semedo and Matt Doherty in 2024-25, providing that both players stay at Wolves.