The 19-year-old striker has played twice for the Magpies’ first team and is now leaving on his first loan spell away from the club.
Neave is also set to be joined at Wolves by left-back Ghislain Konan, after Inside Wolves exclusively revealed the free agent would be David Moller Wolfe’s replacement.
Executive chairman Nathan Shi said: “Sean is a talented player who Cesar and Matt both spoke to and were impressed by, and we believe he has a lot of potential to be successful with us. We are delighted to welcome him to Wolves, and he will have the full support of us all.
“We already have a lot of experience in that department with Raul and Adam, and we think signing a younger profile in Sean complements the group well for what we know will be a long and challenging Championship season.”
Wolves were keen on signing another striker and a right winger before the window closed, but chose to focus on getting Neave over the line, with Cesar Peixoto pleased with Adam Armstrong’s performance out wide.
Technical director Matt Jackson said: “It was important to get a player of a certain type, who's looking to learn and bring a real hunger and personality to our group. He is very hard-working and a really technical player. His enthusiasm and drive to be a professional is what all young players should have.
“We presented to them, myself and Cesar together, and it’s great to have that support. It shows the buy-in with the recruitment process. I'd like to think that resonated with Sean, his representatives and the senior representatives from Newcastle.
“It works when you can offer a project that really stimulates the player but also satisfies the needs of the football club. We look forward to being a part of Sean's journey and we’re delighted to welcome him here.”
Let’s be honest he may contribute and I wish him well but this deal was completed as it was the cheap option for Fosun
Are they honestly expecting us to believe this, A 19 year old with 2 appearances for Newcastle (sub in a cup match) was who they targeted as a back up signing ? And Armstrong was suitable as a wide player ahead of available wingers to the bye line. Thinks having a laugh.