The Colombia winger moves to Palmeiras for a fee of €25m.
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Arias has signed a contract with Palmeiras to 2030.
The midfielder spent seven months as a Wolves player, turning out 26 times across all competitions and chipping in with two goals.
The 28-year-old signed under Vitor Pereira in July 2025 and featured in all but one Premier League match since then, starting 14 times and scoring against West Ham United in January.