The 23-year-old, who is predominantly a right-back but can operate at centre-back as well, is out of contract at Molineux in the summer.
He has had loans spells with Shrewsbury and Ipswich, and has appeared 93 times for Wolves. However, he has not been selected by Nuno Espirito Santo for any matches so far this term.
Iorfa has been handed a squad number - 67 - but has been restricted to appearances for the club’s Under-23 side’s in the EFL Trophy.
The English Premier League side are understood to be happy for the defender to leave, and he will likely join the Hoops in the summer if a pre-contract deal can be sorted.
Meanwhile, Marvin Compper looks likely to leave Parkhead this month, and Brendan Rodgers has revealed the pitch at Celtic Park “has a disease”.