The move comes just under a week after new manager Cesar Peixoto was forced to end a Wolves training session following an incident involving the Nigeria international, who was reported to have refused to leave the pitch.
Arokodare denied the claims in a statement posted on social media: "Throughout my career, I have always taken great pride in conducting myself professionally and maintaining the highest training standards."
Reports also suggested he had demanded to be allowed to join Fiorentina during the confrontation, allegations he strongly disputed. The saga followed the earlier arrival of Raúl Jiménez at Molineux, which had already pushed Arokodare down the pecking order before the training-ground incident accelerated his exit.
Arokodare moved to Wolves in a £24m deal from Genk in September 2025 on a four-year contract, having scored 31 league goals in 79 appearances for the Belgian club, but could not replicate that form in the Premier League, managing six goals in 38 appearances across all competitions as Wolves were relegated to the Championship.
He was also disciplined in April following a confrontation with fellow forward Mateus Mané. Ajax, who will pay a loan fee and cover the striker's full salary, finished fifth in the Eredivisie last season and will play in the Europa Conference League this season provided they come through the play-offs, giving Arokodare a fresh opportunity to rebuild his career at a club he described as one he never imagined playing for growing up.
"It's an amazing feeling," Arokodare told Ajax's club website. "Since I was a kid I have known about the club, but I never imagined myself playing for this club.
"Not because I didn't want to, but it's such a big club."
Should Wolves eventually sell him permanently, they stand to recoup a significant portion of the fee they paid Genk less than a year ago, offering some financial consolation for a move that has otherwise underlined how quickly things soured for the Nigeria international at Molineux.