The Real Madrid forward is reportedly on the verge of leaving the Bernabeu.
Spaniard Benitez is now in charge of Dalian Yifang and has been succeeded at St James’ Park by Steve Bruce.
Mike Ashley’s retailer was due to update the city on Friday morning but did not publish until after markets closed.
The Republic of Ireland Under-21 international has agreed a three-year deal.
Chapman had two spells as Wolves manager in the 1980s.
Ayling has joined Kemar Roofe on the sidelines just over a week ahead of the start of the new Championship season.
The Champions League winners have made an application to the Intellectual Property Office.
The Bosnian fought off masked men who confronted the players in north-west London.
The defender has been troubled by a chronic knee injury.
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