The winger, 29, has found first-team opportunities at the Potters limited of late but has played 77 times in the top flight for Stoke since he joined from Real Zaragoza, initially on loan, in August 2010.
With Molineux wingers Razak Boukari, Stephen Hunt and Slawomir Peszko all sidelined with injuries, Wolves manager Stale Solbakken has stepped in to bring the former Liverpool and England Under-21 man into his squad.
Wolves chief executive officer Jez Moxey told the club's official website: "Stale 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."
- Razak Boukari
- Real Zaragoza