Murray will be a straight replacement for goalkeeper Dino Seremet who's three month loan deal from Championship club Luton Town end's on 31st of March.
Murray, should he play, will be Rovers fourth goalkeeper of the season, following John Achterberg, Steve Wilson and Dino Seremet.
In the last few seasons, 24-year old Murray has struggled with injuries, including a hernia problem and a stress fracture to the foot, from which he only returned to reserve team action in January '06.
These injuries have restricted Murray to just four games in the last three seasons but in the 2002/3 season, Murray made 48 appearences for Wolves in the Championship, the season they were promoted to the Premiership.
Included in the loan deal, there is a 24-hour recall option which will apply after 28 days, which should be 18th April.
It had earlier been reported that Preston's 35-year old keeper Gavin Ward was due to sign for Rovers before Thursday's loan signing deadline, but after Murray's signing today, this looks unlikely.