Southampton will not accept offers for forward Jay Rodriguez or midfielder Morgan Schneiderlin this summer.
Everton forward Kevin Mirallas has hinted that he will sign a new contract at Goodison Park in the summer.
The winger arrives just 24 hours after the transfer of Michael Kightly to Stoke and the 27-year-old Poland international will be seen as a like-for-like replacement.
Wolves boss Stale Solbakken knows Peszko from his time in charge of Cologne and is convinced the player has the right qualities to make a significant impact at Molineux.
Solbakken, quoted in the Express and Star, said: "Slawo is a player who can operate on both wings and had a very good first half to the season last year, setting up a lot of goals for Lukas Podolski.
"To be honest, and I think he would admit this himself, the second half to the season wasn't as good and was maybe complicated by trying to get into the Polish squad for the Euros.
"But I know the quality that he can offer us including great acceleration.
"He's also not afraid, so while he may not be the biggest player in stature, he's fearless, which is one of his real strengths.
"Like a lot of us, I also think he'll be looking for revenge for last season, and he is ready for a new challenge."