"Ricardo is a big talent. With Zurich he made his name, he played a big role for them in the Europa League and was also selected to the national team," said Wolfsburg boss Felix Magath.
"He is of international standard and has lots of quality. This quality, he must establish and develop."
Rodriguez, who was born to a Spanish father and Chilean mother, has signed a contract with the Bundesliga outfit that runs until 2016.
The 19-year-old will be joined at Wolfsburg by French striker Giovanni Sio, who joined from Swiss rivals Sion earlier in the month.
Rodriguez is the eighth player to join Wolfsburg since the start of the winter transfer period, after Felipe Lopes (Nacional Funchal), Ibrahim Sissoko (Academica Coimbra), Vieirinha (PAOK Salonika), Slobodan Medojevic (Vojvodina Novi Sad), Ferhan Hasani (Skendija Tetovo), Petr Jiracek (Viktoria Plzen) and Giovanni Sio (Sion).