Van Damme has signed a four-year contact with Standard.
The Liège club and Wolves reached an agreement on the conditions for Van Damme’s transfer on Monday morning.
Standard showed off their new signing at a press conference early on Monday evening.
Van Damme left the Belgian Champions Sporting Anderlecht for a second stint in the English Premier League in the summer.
However, his time at Wolves has been far from a successful one.
The club is joint bottom of the Premier League.
Van Damme is also far from happy with life in Wolverhampton.
He has said several times in public that he expected more from his transfer to Wolves.
Club Brugge, Sporting Anderlecht and Standard de Liège were all interested in signing Van Damme.
However, it was Standard that got in first and signed the defender.