Jota have signed a five-year deal to join Liverpool while Ki-Jana moves to Wolves.
In 2019 when he made an appearance against Wolves, Ki-Jana became the youngest-ever player in the FA Cup at the club.
The Reds see the £45 m forward as a back-up choice for Mohamed Salah, Roberto Firmino and Sadio Mane in their front three.
Wolves manager Nuno claims the deal is optimistic for both parties and maintains with his blessing that the 23-year-old is leaving Molineux.
“Diogo is amazing and everybody knows the relationship we built during four seasons,” said Nuno.
“Three seasons in particular here in Wolves what Diogo did for us is absolutely fantastic. I think things happen when naturally things should happen.
“I think Diogo is going to the right place and we wish him all the best, knowing that it will never be forgotten, especially by our fans, all the memorable moments that Diogo provided.
“As a club, we did the deal because we believe it us good for everybody.
“In this case you have to attend the will of the player. I know Diogo was really happy here but it’s normal that players like to face new challenges in their careers so joining Liverpool I think is a good move for him.”