The left-sided Sheffield Wednesday player has made 22 appearances for the Owls this season, but he has not featured in the first team since the 1-1 draw away to Reading on January 23.
The transfer, which will run to the end of the season, seems to suit both parties, and Helan has acknowledged that Jackett's admiration for him played a key part in the switch.
Helan said: "There was contact with Wolves even before I signed with Sheffield Wednesday. They were one of the clubs that I could have signed for.
"I wasn't getting many minutes so I had some contact with them and they were keen to get me in on loan so from there, it went smoothly.
"Knowing they were previously interested means something. You know that they really like you and it really helps. It gives you confidence."
Helan should provide Wolves with options at both full-back and on the wing, and they are areas that the club have been short in over recent weeks due to injuries and the sale of Scott Golbourne.
Given the manner of Wolves' defeat at Brentford on Tuesday night, the 23-year-old is likely to find himself in the starting lineup when his new club host Derby County on Saturday lunchtime.