The 26-year-old defender recently signed a two-year contract extension at the Molineux outfit, who secured promotion to the Championship last season.
However, Stearman has revealed that his Wolves days once looked numbered before he and Jackett, who ousted many of the club's high earners following their relegation to the third tier, 'struck up a bond'.
He told the Birmingham Mail: "The feeling was that I wasn't going to be here. I was in and around it and I am 100% professional in that I will give it my all until I am told I am not needed, so I got on with my job and [Jackett] was great towards me.
"He felt I might be on my way as well. It didn't take us long to strike up a bond - he wanted me here and I liked what I saw. Nothing else really materialised anyway, so it was perfect to get our heads round the fact I was going to be here.
"In the summer I thought that was me done. I'd had a successful loan spell and was surplus to requirements at the back end of that season. I thought I might be moving on. That's just football. I wasn't glad I might me leaving because I had loved my time here, but I was certainly delighted I was able to continue my stay."
Stearman has made 186 appearances for Wolves since signing from Leicester City in 2008.