Blackburn have finalised the signing of Ipswich winger Paul Taylor on loan for the remainder of the season.
Graham Dorrans has extended his loan stay at Norwich from West Brom for the remainder of the season.
The 25-year-old has joined Town until the end of the season and provides a welcome boost to the club's defensive ranks after Bradley Orr was recalled by parent club Blackburn.
Manager Mick McCarthy knows Stearman well from his near six-year spell in charge at Molineux having signed him from Leicester in the summer of 2008.
Stearman has found first-team opportunities hard to come by for Wanderers this term, starting just eight league games.
However, he has made a total of 142 appearances during his four and half years at the Black Country club.
Meanwhile, Wolves have appealed against Roger Johnson's red card in Saturday's 2-1 defeat against Blackpool.
The centre-back was sent off in the closing stages following an altercation with Angel Martinez and faces a three-match suspension.