The 29-year-old joined Wolves on a three-month emergency loan last Friday from parent club Stoke City.
While Pennant admits that he did have other choices available to him, he chose Wolves because of their location and style.
"There were other teams involved but with the stature of Wolves, and their position in the table, helped make my mind up," said Pennant. "I did some research into it and know they want to play good football and have got good training facilities.
"It is close to home as well and in all was the perfect choice. If I can get on the ball as much as possible hopefully I can benefit the club.
"I have come in here to do a job as any professional would and I'm ready to give it my all."
Pennant has played for Arsenal, Liverpool and Real Zaragoza in the past.