The 25-year-old goalkeeper, who first moved to Molineux in July 2017 from Cambridge United, will join up with former Wolves boss Paul Lambert at Portman Road.
Norris has been an impressive figure during his limited time in a Wolves shirt, despite only making two league appearances for the Wolves first-team.
The keeper has been called upon several times in cup competitions, especially during his debut season with the club.
In his six starts for Wolves, Norris has kept five clean sheets, including going 120 minutes without conceding a goal against Manchester City in the 2017/18 Carabao Cup before Nuno Espirito Santo’s side fell out of the competition on penalties.
Before joining Wolves, the stopper made 93 appearances for Cambridge and saved a club record of five penalties in his final season at the Abbey Stadium.
Everyone at Wolves would like to wish the best of luck to Will for the upcoming season.