The 23-year-old defender has penned a three-year contract with the Bundesliga club and is relishing the opportunity to play in the German top division.
“I am absolutely delighted and grateful to be able to play in Germany and to have the chance to prove myself in one of the strongest leagues in the world,” he said.
“The transition from Peruvian to German football is not going to be easy, but I will do everything to settle in quickly and integrate within the team.
“I will do what I can to help Wolfsburg be as successful as they were last season.”
Ascues passed a medical in Germany on Wednesday before linking up with his new team-mates on Thursday.
“Carlos Ascues is a versatile player who has so far played predominantly as a defender, but he has already shown he can make his mark going forwards,” said Wolfsburg’s director of sport Klaus Allofs, who has given the Peruvian the No 6 shirt.
“He is a young player who has not yet reached the end of his development and now he can take the next step with us.”
Coach Dieter Hecking said Ascues is just the kind of player he was looking for to complete his squad puzzle for the coming season, particularly in view of the Wolves’ return to the Champions League.
“We were looking to strengthen the centre of our defence and Carlos fits the bill perfectly as a young player with ample margin for improvement,” he said.
“Since he can also play in a variety of positions, signing him made even more sense. He’s got the potential to make the grade in the Bundesliga in the long term.”
It is not Ascues’ first venture into Europe, having spent a season in Benfica’s reserves before playing half of a year in the Greek first division with Panetolikos.
He has been capped 12 times by his country, playing all six of Peru’s matches at the Copa America this summer.