The defender, who spent last season with title-winning side Sheffield United, makes a return to the division to gain further experience.
The 24-year-old made 35 appearances for the Blades in 2016/17 and scored five goals as Chris Wilder's side were promoted to the Sky Bet Championship.
With Wolves already having plenty of competition in central defence, the club has elected to give Ebanks-Landell another opportunity to play regular first team football.
Everyone at Wolves would like to wish Ethan the very best of luck for the upcoming season.