The 23-year-old has signed a contract until June 2017 with his new club and could well be the perfect addition with Wolfe keen to add depth to its attack.
"We are very pleased that we have signed Ivan Perisic. After the capture of [head coach] Dieter Hecking, this is yet another important move for VfL," said sporting director Klaus Allofs to the official Wolfsburg website. "We will have even more attacking options with Ivan. He fits in perfectly here and in the coach's philosophy."
Perisic had joined Dortmund from Club Brugge in the summer of 2011, but failed to secure regular first team action at BVB, and will now be looking to relaunch his career at Wolfsburg.
"I am very pleased that we have found an agreement and I'm proud to have joined Wolfsburg. I will give my all for the club and hope that we can be successful together," he added.
The Croatia international will wear the number nine jersey at his new club, and has already joined his new teammates at their training camp in Belek, Turkey.