Hart said: "We're very grateful to Wolves for allowing him to come out on loan to us.
"He's a young goalkeeper who I know they think a lot of and he's joining us to gain some very experience.
"He is certainly someone who I consider to be a great addition to the squad. He is coming here to challenge for the number one jersey, not just to warm the bench as a back-up."
Under the terms of the deal, Ikeme is not eligible to feature for Rangers in the FA Cup.