The defender is a product of the Wolves Academy and has made more than 50 senior appearances for the club.
The 26-year-old has previously spent time on loan at Bury, Sheffield United and MK Dons.
Appearances have been hard to come by this season for Ebanks-Landell, who has featured for Rob Edwards’ under-23s side.
He joins a Rochdale side battling to avoid relegation from League One and could make his debut on Saturday against Peterborough United.