Russell, 20, has spent the last year Down Under, playing in the Titans Under 20s team, and has joined the Wolves on a two-year deal.
He made his Super League debut in 2012, making six appearances for Hull during a loan spell, and two for Wigan, scoring three tries.
Wolves coach Tony Smith said: “I’m excited about Matty coming back to the UK after a stint at the Gold Coast in Australia and I think he’ll come back a much better player than when he left – and he was already a very good player.
“I’m excited about him; he’s young and very, very talented. He’s eager to learn and improve and he fits the mould that we are looking for in Warrington. We don’t bring many in and they’ve got to be of high quality. He’s got a great attitude and I really look forward to working with him.”
He said: “Tony was really positive about 2014 onwards when I spoke to him. I know a few of the lads already and they all say positive things about the club.
“It was a good culture in Australia and I’ve trained and played with arguably the best in the world, which has helped me as a person too. I’ve kept up-to-date with the Super League and look forward to getting back into it but not the cold weather!
“I’m really looking forward to my two years – and maybe more – at Warrington under Tony Smith.”