The 27-year-old joins on a season-long deal and it's believed Wolves have an option to buy him for around £30m next summer.
Mexico have a massive population of over 130 million people, and it's a football-mad country with millions taking pride in their national stars going over to Europe and performing well.
He began his career with Mexican side Club America and won two Liga MX titles with his boyhood club.
Jimenez started only six of his 33 league appearances for Benfica last season, scoring six times, and will now seal his move subject to global clearance and a work permit.
He has scored 18 goals in 80 league appearances, although 60 of those have come from the bench.
Jimenez has scored 14 goals in 62 appearances for Mexico and will be hoping to add to his tally in Russian Federation this summer.
Capped 63 times by El Tri, Jimenez was a member of the gold medal-winning Mexico side at the 2012 London Summer Olympics.