Graham, who has scored 114 goals in 376 career appearances to date, has made just one substitute appearance for the Premier League Black Cats this season and admits he is eager to get back on track with Kenny Jackett's side.
"I am delighted to have agreed a loan deal to join Wolves and am looking forward to meeting the lads on Monday and starting training," said Graham.
"Wolves is a good club which has done very well over the last year and this is a good opportunity for me to try and play some regular football and get back to scoring goals."
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