Van Damme joined Wolves on Tuesday from Anderlecht for an undisclosed fee, signing a three-year deal.
His first experience of the English top flight came back in 2004-05 at Southampton, but he was dogged by injury and made only six appearances.
The 26-year-old told Wolves' official website: "It is a big ambition for me to play in the Premier League. I played in it a bit a few years ago with Southampton, which was their last season in the Premier League.
"I had a few injuries at the time and went back to Belgium. I said then that I would either finish my career in Belgium or, if I was to go to another competition, it would be back to the Premier League.
"For me personally it's the best and strongest competition in the world. We've had some good seasons with Anderlecht since then but I'm delighted to be coming back to the Premier League.
"It will help that I've been here before and know a bit of what it's all about. At that moment I was young, only 21 I think, and with a totally different life to what I have now.
"I only played a few games but it was a nice experience already then and I learned a lot both then and since. I can only improve on that and I hope I can do it with Wolves."