The 20-year-old spent three months on loan at Sixfields last season and has been granted permission to rejoin the League One club on a similar basis by Wolves boss Mick McCarthy.
"It will be the 93-day loan with the 24-hour recall option after the first 28 days," McCarthy told his club's official website.
"We haven't got a massive squad of players, but Mark needs to play some football and we're fine in his position."