The 26-year-old, who represented England at U21 level, is joining the Cherries for the second time after impressing back in 2005 when he came to the club from Southampton.
Surman played 26 times for Bournemouth, scoring six goals in his six-month stint, before going back to Southampton where he ended up appearing in more than 100 league games.
Wolves signed Surman in the summer of 2009 but his time there proved to be unsuccessful and he left for Norwich, where he was part of the team that secured promotion to the Premier League.
Surman suffered a knee ligament injury last October and managed only one appearance afterwards, eventually having to undergo surgery in March.
Surman is Eddie Howe's fourth signing of the summer so far, one of whom is former Canaries team-mate Elliott Ward.