Henry has signed a new deal that will keep him at the Molineux until 2014.
Stearman’s previous deal was set to expire at the end of next season, his new deal will keep him at Wolves until 2014.
“I am delighted that both players have signed new and extended deals,” Wolves manager Mick McCarthy told the club’s official website.
“Karl has been here with me right from the start and has always played a key role for us.
“His leadership qualities on and off the pitch have seen him become club captain and he has adapted really well to playing in the Premier League.
“Like Karl, Stears came in and helped us get promoted and has since gone on and improved.
“He is a young defender who will continue to develop and, having fought his way into the team this season, has maintained a good level of performance.”