Ismail also held talks with Scottish Premiership club Aberdeen but has opted for a temporary spell with the Magpies and made his first appearance for Shaun Derry's side during Tuesday evening's pre-season friendly at Nuneaton.
The 20-year-old, who will remain at Meadow Lane until the Christmas period, had plenty of suitors with Burton keen on having him back following a successful loan stint with the League Two club last season.
"It's great to get that deal over the line," said Notts boss Derry.
"He did really well at Burton last season and he's very highly thought of at Wolves.
"He has now taken that next step into League One and I'm hoping we can help him develop as a footballer.
"More importantly, for us, he will improve the squad.
"Zeli is an out and out wideman. We lost Jamal Campbell-Ryce and we have been talking about replacing him.
"I enjoy watching the wide players and I like it when they are on the front foot - Zeli is certainly that.
"He brings a lot of pace and a vision and when he gets the ball down he attacks."