The 22-year-old, who made four Premier League appearances for the Gunners last season, has joined the Championship club on loan
Wolves have signed goalkeeper Emiliano Martinez on a season-long loan from Arsenal.
Martinez made four Premier League appearances for the Gunners last season and also spent a spell in the Championship with Rotherham United.
His switch to Wolves was confirmed on Tuesday, after the Argentine passed a medical over the weekend.
“We are delighted to have brought Emi to the club for the season,” head coach Kenny Jackett told the club’s official website.
“I have been aware of him from being in and around the Arsenal set-up for a few years and he has also has experience of the Championship from loan spells with Sheffield Wednesday and Rotherham.
“It is very important to have good competition among your goalkeepers not just at the start of the season but as it progresses.
“So it is good to bring Emi in right at the start and we are looking forward to working with him.”