Maierhofer has signed a three-year contract with the Premier League side and has joined the club for an undisclosed fee.
“We are delighted to bring Stefan in as our ninth new arrival this summer,” said Wolves chief executive Jez Moxey.
“He is a player who has been a regular goalscorer for Rapid Vienna in recent seasons and helped the club qualify for the Europa League by contributing to their win against Aston Villa last week.
“Stefan had been targeted by Mick to add competition for places in the striking department, and once again we are pleased that the board and chairman Steve Morgan have been able to support the manager.”
