With no game this weekend due to the international break, Ikeme is set to make his debut for Rovers in the South Yorkshire derby against Barnsley on November 19.
Although Ikeme, 25, has been with Wolves since leaving school, he has made the majority of his senior appearances on loan at other clubs including Charlton Athletic, Sheffield United, Leicester City, and Queens Park Rangers.
He recently completed a three month spell at Middlesbrough and kept clean sheets in six of his ten games.
Ikeme’s arrival, on loan until January 4, is again likely to signal the axe for Rovers’ veteran goalkeeper Neil Sullivan who also stood down when Saunders brought in former England international Chris Kirkland on loan from Wigan Athletic.
Kirkland lasted just one game at the Keepmoat Stadium, however, before suffering a recurrence of a back injury.
Under Saunders, Rovers have adopted a policy of signing top flight or international players on short term deals in a bid to avoid relegation from the Championship.