Swansea boss Michael Laudrup says it is likely he will bring in a goalkeeper in January as Michel Vorm needs knee surgery.
Manager Jose Mourinho believes Ashley Cole will earn a contract extension at Chelsea.
Town manager Mick McCarthy has turned to the 25-year-old as he looks to boost his defensive options at Portman Road.
The former England U21 international has been restricted to just eight starts for Wolves in the Championship this season with Christophe Berra and Roger Johnson preferred at centre-back.
Stearman may have been hoping for a chance under new boss Dean Saunders but is now heading to Wolves' Championship rivals.
Wolves tweeted: "Defender Richard Stearman is to join Ipswich on loan until the end of the season, subject to formalities of the deal being concluded."