He now looks set to join big-spending Championship rivals Wolves, report Birmingham newspaper the Express & Star, who have been rocked by Ikeme's leukaemia diagnosis and have had to move quickly to secure Ruddy's signature, who had also been in talks with Sunderland.
The centre-back will team up with former Porto team-mate Ruben Neves, who completed a shock £15.8m switch from the Portuguese giants to Molyneux moments before, under manager Nuno Espirito Santo - Boly having already worked alongside him at Porto previously too.
The Championship side are strengthening their squad and have sealed the signing of defender Boly on a season-long loan deal from Porto.
"I have always wanted to play in England and we have a good team".
Portugal worldwide Neves made 76 appearances for Porto and the fee tops the £12million Wolves paid for Helder Costa in January.
Since then he has gone on to make 93 appearances for the club, including 18 in the Champions League, and has scored four goals across all competitions.More news: Doomfist Finally Comes to Overwatch, Not Voiced by Terry Crews
"I think we can do good things this season", he added.
Neves became the youngest captain in Champions League history when he led Porto against Maccabi Tel Aviv in 2015. "I know him well, I worked with him previous year - he's a good player".
Boly made five appearances for Porto last season after joining from Braga last August.
Neves had been seen as one Porto's best players and had been attracting attention from some of the biggest clubs in England with the likes of Chelsea, Liverpool and Manchester United all looking into signing him.
Ikeme, 31, is a popular member of the dressing room and will start treatment immediately.