The 18-year-old has represented England at U16, U17 and U18 levels, and already has experience of the Championship, having made 11 appearances while on loan at Wigan last season.
He came off the bench during Liverpool’s friendly at Swindon on Sunday and scored the winner in a 2-1 victory.
He will join the squad on Thursday as they prepare for Saturday’s season-opening trip to Blackburn.
And Ojo says he is excited about the prospect of spending a season on loan at Molineux.
He told the Wolves website: “It’s a great feeling.
“I’m looking forward to the upcoming season. Hopefully we can have a good year and push for promotion.
“It’s a really good club, it’s got great facilities. All of the players are nice, they have welcomed me to the club, and the staff are brilliant as well.
“Everything’s going well, I’m just looking forward to starting the season at the weekend.”
Head of Football Development and Recruitment Kevin Thelwell said of Ojo: “He’s a little bit different to what we’ve got.
“He’s out-and-out pace and power, he’s very direct, and he’s got the ability to beat people one v one.
“He’s got the ability to assist, the ability to score, and then he’s also got a very good personality.
“Even though he’s very young, he’s well-rounded, his parents are very supportive, and we think he’ll be a very good fit for us.
“He’s fit, he’s well and he’s been playing all of pre-season, so we’re expecting him to hit the ground running.”