The Republic of Ireland striker has joined the Premier League new boys from Reading for an undisclosed fee, thought to be a club-record sum in the region of £6.5million.
He is set to form an intriguing partnership with prolific - in the Championship, at least - marksman Sylvan Ebanks-Blake - a duo worth 43 goals last season.
Many will look to them to keep Wanderers' heads above water in a fiercely competitive top flight, however Doyle believes Mick McCarthy's side can set their sights higher than mere survival.
"We finished a point or maybe even a goal away from Europe when we went up with Reading," he told the club's website.
"I don't know why we did so well but we all went in there wide-eyed and excited and fresh to play and that got us through.
"It was a bit like it is with Wolves now in that none of us had played in the Premier League before.
"I'm delighted to be joining what is historically a massive club and one which will be trying to establish itself in the Premier League."
According to Wolves they beat off competition from other top-flight clubs to recruit the 25-year-old, who has signed a four-year contract at Molineux.
A delighted McCarthy enthused: "I think it's a huge signing for the football club and it's a coup.
"For us to secure the signing is brilliant and there might be one or two others scratching their heads and wondering why they didn't do it, but perhaps that's because we were in there from the start."
Doyle, who signed for the Royals from Cork for a nominal fee in 2005, scored 55 goals in 163 games for the Berkshire club.
The Irishman revealed he had been impressed by the swiftness of Wolves' approach.
"Wolves were the first club that actually came in and settled things with Reading and so they were the first club I spoke to," Doyle said. "I was expecting a long summer but Wolves were in straight away.
"It was nice to see how keen they were and when I came in and met the manager I just got on really well with him. I had a good easy conversation with him and it felt right."