Robinson became Liverpool's youngest player when he made his debut as a 16-year-old against Hull City in the Premier League in May 2010.
However, the left-back has yet to establish himself as a regular and has made a total of 11 appearances in all competitions for the Reds.
He has not been involved in the league this season under Brendan Rodgers, but has featured twice in the FA Cup, Capital One Cup and Europa League.
The promising defender could now be allowed out of Anfield to gain more first-team experience, with former Liverpool striker Dean Saunders plotting a loan move.
Wolves boss Saunders is keen to strengthen his squad in the fight for Championship survival and his side face fellow strugglers Barnsley on Tuesday night.