The 22-year-old has made 19 appearances for Wolves, none of which have come this season.
Now, the centre-forward will see out the rest of the campaign at the Broadfield Stadium.
"Liam is a player I have admired for a long time. He's big and powerful but mobile and he can score goals," manager Mark Yates told the club's official website.
"It's been frustrating for him not getting the opportunities he'd like at a big club like Wolves and he was really keen to come when I spoke to him."
McAlinden featured 11 times on loan for Shrewsbury Town before the turn of the year, which yielded a return of one goal.