Ikeme has made 16 appearances since joining the R's in January and is due to play his final game for the Championship club in Monday's match at Leicester City.
He is 'gutted' to be returning to Molineux after enjoying the opportunity to play regular first-team football during his time at QPR.
The 23-year-old is behind Marcus Hahnemann and Wayne Hennessey in the Wolves pecking order and is uncertain if he has a long-term future with the Premier League side.
"I'm not sure where I stand when I go back to Wolves," admitted Ikeme, who has not played for Mick McCarthy's side since January 2009.
"All I do know is that I need to play games and I'm not getting any at Wolves. It's an awkward situation. I'm on good terms with everyone at Wolves, but I do want to be playing.
"I've not even been on the bench. It's very frustrating. I want to play so much, you can't beat it.
"I don't like watching. The reserves just keeps you sharp, but it doesn't really mean anything, win, lose or draw.
"I want my games to mean something and have something to play for. I've loved it here.
"I'm gutted to be going back. It was a great experience and I've played back-to-back and stayed injury free."