Centre-back Stearman has made 40 appearances this term as Wolves secured a return to the Championship at the first time of asking.
His contract is due to expire at the end of the season, but Ricketts believes that the 26-year-old's experience could prove valuable next term.
"Richard's a very good player. He's played Premier League and you don't play Premier League football if you're a mug," the Express & Star quotes Ricketts as saying.
"We've got a great team spirit which hopefully has shone through this season. The application to win games and achieve our goal has been there and Stears has certainly been a big part of that."
Stearman joined Wolves from Leicester City back in 2008.