Nuno, 47, has penned a two-year deal at the north London club.
"When you have a squad with quality and talent, we want to make the fans proud and enjoy," he said.
"It's an enormous pleasure and honour (to be here), there's joy and I'm happy and looking forward to starting work.
"We don't have any days to lose and we must start working immediately as pre-season starts in a few days."
Nuno guided Wolves from the Championship into the Premier League and secured consecutive seventh-place finishes in their first two seasons back in the top flight.
"First of all, I'd like to welcome Nuno to the club," said chairman Daniel Levy. "We should like to thank our supporters for all their patience throughout this process.
"I've spoken already about the need to revert back to our core DNA of playing attacking, entertaining football and (managing director, football) Fabio Paratici and I believe Nuno is the man who can take our talented group of players, embrace our young players coming through and build something special."
