Jones began his career as a trainee at Wolves and has made 10 league appearances for Mick McCarthy's side.
He went on loan to Notts County earlier this season and has also had spells at Oldham Athletic and Northampton Town.
Manager Paul Trollope said: "When he moved to Notts County earlier in the season it appeared that it would be a move that would give him regular football and give him the opportunity to be part of something big that was going on there.
"Obviously the circumstances changed and the deal they had agreed fell through and he found himself back at Wolves.
"We've had a number of injury issues in the full-back positions over the last few weeks and we are pleased that we have been able to add him to the squad."
Source: BBC Sport
Source: BBC Sport