Hennessey suffered a cruciate knee ligament injury in April but is close to a return to full fitness.
The 25-year-old completed 90 minutes for the club's under-21 side against Fulham on Monday but may have to wait longer to earn a spot in the first-team due to the form of Ikeme.
"I've known Carl since we were in the academy and I'm really pleased for him with how he has done," Hennessey told Wolves' official website.
"He's had some tough times with injury and having had this I know what he has been through. He is a top lad and a fantastic goalkeeper and I hope he continues to do well.
"It's up to me to keep putting pressure on him and we'll see what happens. I'm ready to kick on now and it's going to be a good battle."