Pennant joined Wolves on loan from Stoke last week but alarmed fans immediately by declaring himself "gutted" to be leaving the Britannia Stadium even on a short-term basis.
But the winger has moved to clarify his position as he prepares to make his debut away at Huddersfield on Saturday.
"I'm excited to have made the loan move," Pennant told the club's official website. "Wolves are a massive club and it's been a tough game and a great encounter every time I've played against them.
"And there has always been a really good atmosphere in the games at Molineux which is a great ground.
"I'm just looking to do the best I can for Wolves and try to keep them towards the top of the table. Hopefully at the same time it will be good for me as well to get some games.
"Obviously it's not gone as planned for me at Stoke so far this season. But I've got a great opportunity now. It is in the Championship but it is at a very good club in a very competitive league.
"Wolves are going well at the moment and are third in the table and hopefully I can help maintain that and give the team a boost."
The former Arsenal and Liverpool player revealed other clubs were interested but the location, status and style of Wolves saw him choose Molineux.
"There were other teams involved but with the stature of Wolves, and their position in the table, helped make my mind up," said Pennant, who also had a spell in Spain with Real Zaragoza.
"I did some research into it and know they want to play good football and have got good training facilities.
"It is close to home as well and in all was the perfect choice. If I can get on the ball as much as possible hopefully I can benefit the club.
"I have come in here to do a job as any professional would and I'm ready to give it my all."