Clarke has scored 138 league goals since making his professional debut for Wolves in September 2003.
The move comes after Town striker Rekeil Pyke was sidelined for up to four months with a thigh injury.
The 23-year-old was forced off during Saturday's home defeat by Northampton.
Including loan spells, he has played for 17 different clubs over the course of his career.
"He's a great acquisition," Town manager Sam Ricketts told the club website.
"He's scored a number of goals at a high level and the most important thing for me was that he's still got the desire and hunger to be successful."