The 20-year-old joined the Shrews on a three-month deal in October and scored three times in nine appearances, including a goal on his debut against Gillingham.
McAlinden rejoins Wolves' fight for promotion back to the Sky Bet Championship at the first time of asking.
Kenny Jackett's side currently sit second in Sky Bet League One, level on points with leaders Leyton Orient.
- Sports & Recreation
- Kenny Jackett