Goalkeeper Scott Dutton, defenders Ben O'Hanlon and Ashley Carter, midfielder Declan Weeks and striker Ibraham Keita have all agreed terms on their first full-time contracts.
Midfielders Albert Torras and Carlo Erdei and striker Bradley Reid have already signed professional deals, while Daniel Murray will be monitored further having recently been sidelined with injury.
Wolves academy manager Gareth Prosser warned the players that the hard work has only just begun.
"They have deserved their deals by consistently performing well throughout the season, but straight away they have to look to continue to develop and to improve," Prosser told the club's official website.
"They are continually being monitored and evaluated not just within the club but also outside the club and that standard, as a Category One club, is very high.
"In Dan's case we are going to give him as long as possible to prove his fitness before making a decision.
"He has been injured for the majority of his scholarship but he's been back since Christmas and we are really pleased to see him back in training and playing games."