Midfielder Upton, 16, joined Albion in 2011 and quickly progressed to feature in the club's Under-18 side.
"Regan came to join us when we first set up the academy and he's made great strides," said Burton head of youth development Mike Whitlow.
"He was an Under-15 last year who progressed very well through the system. He's played in the Under-18s and a few clubs saw his potential.
"He's a fantastic lad and he's progressed well. Wolves have come in and he's stepped up to their academy which is a big step for him and a credit to himself and to what we are doing in our academy."