Lee, who was named as caretaker boss following the departure of Mark McGhee earlier in the season, has now been given the job until the end of the season.

The 44-year-old earned his promotion after leading Wolves to three wins and a draw in his first four games in charge.

Molineux Managing Director John Richards confirmed the appointment in a statement.

He said: "Colin has put in a lot of hard work over the last couple of weeks and he has never allowed himself to be deflected from the job by all the speculation.

"The team has responded well to his leadership and the board was in no doubt that he should be given this chance.

"I put the offer to Colin and he was keen to take this chance. We feel that he will do very well for the club."

Lee said he was delighted to be handed the reigns at Molineux after steering the side up to fifth place in the table in the wake of a disappointing start to the season under McGhee's stewardship.

He said: "It's been a hectic three or four weeks but I'm delighted to accept the job and hopefully I can win enough games to make it successful because that's what it's all about.

"I can assure everyone out there that I'll put every single ounce of effort into this job to try and make it a permanent fixture for me, because at the moment the club have asked me to take the job on until the end of the season.

"Obviously I'm delighted to do that but it's my aim now to keep the job for a lot longer than that. "I can only do that if I set about the job correctly, give it my full input alongside all the other members of staff here and, hopefully, together we can gain promotion to the Premier League.