Collins, who arrived at Wolves from Newport County in January 2016, joins promotion-chasing Rovers as they look to make a return to the Football League.
Managed by Micky Mellon, Tranmere currently sit third in the Vanarama National League table, five points behind leaders Forest Green Rovers but with two games in hand.
The young striker made 22 appearances whilst on loan with Notts County earlier this season, scoring three goals during his time at Meadow Lane.
Wolves would like to wish Aaron the best of luck for his loan spell at Tranmere Rovers.