The Welsh international has spent the last six months on the sidelines with a knee complaint.
However, following a number of completed training sessions, the 25-year-old will now feature for the club's development squad against Chelsea.
"Playing 45 mins against Chelsea 2nite," he wrote on Twitter. "Great sleep, now getting ready for game 2nite."
Hennessey joined Wolves as a youth player from Manchester City in 2003.