The winger, who arrived at Wolves permanently in January 2015, makes the switch to the Sky Bet Championship side for the remainder of the 2018/19 campaign.
Paul Hurst’s Ipswich Town are currently in 24th place in the league table having picked up two points from their opening five fixtures.
Graham made three appearances for Nuno Espirito Santo’s men at the start of the 2017/18 campaign before joining Fulham on loan until January.
The 23-year-old’s most prominent spell in a Wolves shirt came in the 2015/16 campaign where he made 12 appearances, assisted ten goals and scored on one occasion.
Everyone at Wolves would like to wish Jordan the very best of luck for the upcoming season.