Maierhofer seals Wolves switch
Maierhofer, 27 and 6ft 7ins tall, helped Rapid Vienna qualify for the Europa League this season, but said he was happy to forego European competition for a chance to play in the Premier League.
"This is something of a dream for me," he told the Wolves website.
"I have only been a professional footballer for five years and playing in the Premier League is the ambition of a lot of players in Europe, it really is the league to play in."
Maierhofer, who scored 23 goals in 37 games for Rapid last season, has joined on a three year deal. He is the club's second signing in two days after they secured the transfer of Ecuador midfielder Segundo Castillo on Monday.