The loan agreement for the 25-year-old Nigerian international includes an option to buy for Ajax at the end of the campaign.
Arokodare has played in Latvia, Germany, and Belgium, where he was top scorer in the 2024-25 season, prompting a move from Racing Genk to Wolves.
He was used mainly off the bench in the Premier League last season as Wolves were relegated but did score six goals in league and cup competitions.
Ajax have begun their new season in the Conference League where they host Vojvodina in the second qualifying round, second leg in Amsterdam on Thursday, leading 4-1 from the game in Serbia last week.