The 19-year-old recently agreed a new contract at Molineux and will be hoping for regular first team action for the Robins.
Perry has impressed during Wolves' pre-season games under Bruno Lage, starting at Crewe and Real Betis.
“Taylor has had a really strong pre-season with the first-team, he’s really focused and has come back in good physical and mental condition," said technical director Scott Sellers.
"He has worked hard and had his opportunity. We now feel he needs that every week in a first-team environment.
"This will be Taylor’s first loan and we think it’s really important, to be in a first-team environment daily, where there’s a really good chance you’re going to play every week.
"From day one under Bruno, Taylor has been involved in all of it, so it’s a great experience for him, training under a new manager, it all adds to his development, and now this loan move is what he needs."
Recently promoted to League One, Cheltenham begin their season at Crewe on Saturday.