A spokeswoman said around 15 staff will move from Brussels to Fleet Place, where the Journal's current London bureau and Dow Jones Newswires are based.
Brussels will remain open as a bureau. Although there have been no redundancies a number of staff will not be joining the mid-July move. A spokeswoman said their positions will be replaced.
Wheatcroft will oversee the transition to an integrated London newsroom, covering print and the Journal's dedicated European website, which was launched earlier this year.
The former business and city editor of The Times will report to Robert Thomson, managing editor of The Wall Street Journal and editor-in-chief of Dow Jones & Company.
Thomson said: "The time has come for the Journal to take on the European market, in print and online.
"We have a world-class reporting presence in Europe and an unrivalled international business news franchise.
"The combination of these assets and Patience's extensive experience in media and business will make the Journal a formidable force in Europe."
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