The 29-year-old joined Wolves on a three-month loan deal from Stoke City after he was frozen out at the Britannia Stadium, and the former Birmingham City midfielder has revealed that Wolves were "the best package" for him.
Pennant told BBC WM: "There was good feedback about Wolves. They play good football and the manager likes playing with wingers, so that suited me.
"Sometimes it can be three games a week in the Championship and, when I asked Kites [Michael Kightly], he told me that the training's short and sharp and there's a lot of football, which is good.
"But it's close to home too, they're a great bunch of lads and, overall, Wolves was just the best package."
Pennant is expected to make his home debut when Wolves play Bolton Wanderers on Tuesday night.