The Ecuador internaitonal spent last season with the Toffees.
Wolves could make the deal permanent at the end of the loan.
Wolves CEO Jez Moxey told the club’s official website: “We are delighted to announce Segundo as our latest summer signing.
“He is a player who arrives with an extensive pedigree at international level as well as experience with a top European club in Red Star Belgrade and one of the leading Premier League clubs in Everton
“It further strengthens the midfield department ahead of the closing of the transfer window and will add to the competition for places which we will need over the next four months.”
