Soon after Gary O'Neil was removed from his position in charge last weekend, Pereira was being linked with a move from Saudi Pro League side Al Shabab to Molineux.
The appointment of the 56-year-old was confirmed on Thursday afternoon, Pereira taking on his 14th job during a two-decade managerial career.
Pereira is now preparing to take charge of his first game, a potential season-definer at Leicester City on Sunday afternoon.
"You cannot think twice"
Having missed out on becoming Everton manager before Frank Lampard was chosen as Rafael Benitez's successor at the start of 2022, Pereira has acknowledged that he could not turn down a chance to move to the Premier League.
Speaking at a press conference, he said: "I my opinion, the Premier League is the best league in the world. Something that was my target for a long time.
"It means that I am in the right place with the top, high level players, league and managers. I am very happy to be here."
He added: "I had some approaches from clubs in England but Wolves did the step forward to finish. I had a project in Saudi Arabia but with this opportunity you cannot think twice."
Pereira arrives in the West Midlands with Wolves having suffered four successive defeats and having won just two of their 16 Premier League fixtures.
The Portuguese added: "I studied before I accepted the job. Of course we need to improve some aspects of the game. But we have good players, a player with confidence can do a lot of things, it can change everything.
"My idea is to create an identity, a tactical identity. First training we started to work for this identity, the way of playing."
Will Semedo remain captain?
Pereira's Portuguese compatriot Nelson Semedo was promoted to the role of captain for the last game against Ipswich Town, a consequence of Mario Lemina being demoted on the back of an on-field fracas with a teammate and backroom staff member after the preceding game at West Ham United.
Nevertheless, it appears that Pereira will consider alternative options, saying: "Nelson is a very good boy, a good personality and now I am trying to understand where the leadership is on the pitch.
"It is important on the pitch. For now I am studying. It is not time to decide, it is time to study, to get information, After we will decide the captain."
As well as facing Leicester, Wolves also play Manchester United and Tottenham Hotspur during the Christmas period.
Written by
Darren Plant