Kenny Jackett has been appointed as the new head coach of Wolves on an undisclosed contract.
Jackett led Millwall to an FA Cup semi-final this season, and will be looking to arrest the decline at Molineux after two successive relegations.
Wolves have paid the Lions compensation for Jackett's services.
Born 5 January 1962 in Watford
Spent his entire playing career with
hometown club Watford before a knee
injury forced him to retire at the age of 28
Went into coaching with the Hornets
before succeeding Graham Taylor as
head coach in 1996
After one season in charge was demoted
to assistant manager to Taylor
Left Watford in 2001 and after a spell as
QPR assistant became Swansea manager
in 2004, and achieved promotion from
League Two in his first full season
Left Swansea in 2007 by mutual consent
before taking over at Millwall
Guided the Lions to promotion to the
Championship with a 1-0 play-off final
victory over Swindon
Left the club after six years in charge in
"I am both proud and delighted to have been appointed head coach at Wolves, and am really looking forward to the challenge ahead," said the former Wales international.
Jackett takes over a Wolves side who will be playing in the third tier for the first time since 1989.
He becomes Wolves' fifth permanent boss in 16 months.
Mick McCarthy was sacked in February 2012, with the club struggling in the Premier League relegation zone, and his successor and former assistant Terry Connor left after they dropped into the Championship.
Connor was replaced by Stale Solbakken in the summer, but the Norwegian was sacked with the club sitting 18th in the Championship.
Saunders arrived from Doncaster in January, but the Welshman took 10 matches to earn his first win and the club were eventually relegated, after finishing in 23rd place.
This leaves Jackett with the task of attempting to get promotion back to the Championship, a feat he achieved as Millwall boss in 2010.
Jackett had spells as manager of Watford and Swansea before moving on to the Lions, but he left his post at The Den after six years in charge, stating that he felt the time was "right for a new challenge".