Keogh recently returned to the Premier League club from a loan spell at Cardiff and Wolves agreed to let him go back out to City, where they feel he will benefit from playing more matches.
The 24-year-old has made just 18 appearances since moving to the Welsh capital in August.
"It been agreed, so we are pleased with that one with Jonathan Stead still out injured for some time," said City boss Keith Millen.
"It happened pretty quickly to be honest as he`s been on loan at Cardiff. He's a lad that we tried to get before in the summer, he works his socks off and will add quality to our squad."
Source: PA
Source: PA