The 29-year-old, who reportedly had a bust-up with Stoke boss Tony Pulis last season, signed for Wolves on a three-month emergency loan last week.
"I'm excited to have made the loan move," Pennant told the club's official website. "Wolves are a massive club and it's been a tough game and a great encounter every time I've played against them.
"And there has always been a really good atmosphere in the games at Molineux which is a great ground. I'm just looking to do the best I can for Wolves and try to keep them towards the top of the table. Hopefully at the same time it will be good for me as well to get some games."
Wolves currently sit third in the league table.