Little was at Sixfields for a 3 month spell on loan last season.
He will go straight into the team for todays game against Millwall. Little replaces Gabor Gyepes who was sold to Cardiff for £200,000 earlier this week.
Wolves boss Mick McCarthy told his club's official website: "We haven't got a massive squad of players, but Mark needs to play some football and we're fine in his position."
