Kenny Jackett is searching for a player who can give Wolves 'another 10 to 15 per cent in terms of quality'.
Neil Adams says Norwich remain in the market for further additions after signing Cameron Jerome and Carlos Cuellar.
The 24-year-old Andalusian has spent the last three years on loan with Deportivo La Coruna, Getafe and then Real Betis, where he made 25 league appearances and scored one goal in the 2012-13 campaign.
A statement published on Elche's official website read: "The agreement reached for Ruben Perez to spend the next season on loan with the Franjiverde further strengthens the good relations between Elche and Atletico Madrid."
Elche, who will play in the Spanish top flight for the first time in 24 years after winning the Segunda Division, have already taken Sevilla duo Manu del Moral and Miroslav Stevanovic on loan, while signing defenders Cristian Sapunaru and David Lomban on free transfers.