The 21-year-old joined the Clarets from Stoke City for around £12 million last summer and he has now left for almost double, with Wolves coughing up £20.5 million for the defender.
Collins made 19 appearances in the Premier League last season and also earned his first cap for Republic of Ireland four months after arriving at Turf Moor.
The centre-back is the fifth defender to leave Burnley this summer, following James Tarkowski, Ben Mee, Erik Pieters and Phil Bardsley out the door.
Here are today’s rumours...
1. Hatters receive boost in pursuit of Premier League youngster
Luton Town have received a boost in their bid to sign Newcastle United's Elliot Anderson, with the 19-year-old admitting he would like to go out on loan again if he isn't included in Edide Howe's first-team plans. West Brom and Stoke are also keen on Anderson. (NUFC) | Getty Images
2. Nottingham Forest launch eight-figure bid for Terriers duo
Nottingham Forest have made a bid of around £10m to £12m for Huddersfield Town's Lewis O'Brien and Harry Toffolo. However, it is believed that the Terriers value O'Brien at £12m alone. (The Athletic) | Getty Images
3. Reading closing in on Republic of Ireland international
Reading are close to re-signing former Southampton striker Shane Long after he was released at the end of last season. The 35-year-old scored over 50 goals for the Royals during his six-year stint with the club, however he has only managed two goals since February 2021. (Football League World) | Getty Images
4. Blackpool & Norwich chase League One starlet
Blackpool and Norwich City are in competition to sign Sheffield Wednesday midfielder, Fisayo Dele-Bashiru. The Seasiders have reportedly already made a bid for the 21-year-old. (Lancashire Live) | Getty Images