The 29-year-old has fallen out of the first-team picture at the Potters following the summer arrivals of Charlie Adam, Michael Kightly and Steven N'Zonzi.
The winger, who joined Stoke from Real Zaragoza in 2010, has made just two first-team appearances this season in all competitions.
Pennant revealed via his Twitter account on Friday morning that he is set to leave on a temporary basis in order to get more games.
Wolves have been scouring the loan market for a winger and boss Stale Solbakken has moved quickly to snap-up the former Liverpool man on a temporary basis.
Wolves chief executive Jez Moxey told the club's official website: "Stale [Solbakken] wanted to find a high quality replacement for our injured wingers and we're very pleased Stoke have agreed for Jermaine Pennant to join us on loan for an initial three month period.
"He is a high quality player and Stale is delighted to have secured his services until at least the New Year."