The 25-year-old began his career with the Whites before joining Scunthorpe in 2005 after previously impressing for the Iron on loan.
Keogh was in Wolves' match squad to face Blackburn on Saturday, but he could now line up for Leeds against Hull City on Tuesday if the formalities are completed in time.
Molineux chief executive Jez Moxey has confirmed the deal is in place and that the player is now travelling to West Yorkshire to finalise the loan switch.
"Andy is going up there (on Monday) and we're doing some paperwork to let him go on a standard loan until the next window," he told the Express & Star.
"I spoke to him yesterday and asked him what he wants to do and he's prepared to go."
Moxey would be willing to sell Keogh for the good of the striker's career, however he believes the loan arrangement suits both parties.
He continued: "We are of the view that we would prefer a sale for his sake but Leeds need some help more than anything, so this loan is a good arrangement for everyone."
Leeds manager Simon Grayson has expressed his delighted at capturing Keogh on loan.
The Whites have been short of attacking options this term with both Luciano Becchio and Davide Somma both sidelined through injury.
Leeds' attack was kept scoreless on Saturday as the nine-man Whites suffered a 1-0 defeat to Middlesbrough at Elland Road.
Grayson is delighted to have bolstered his attack and feels the 25-year-old is just what the club needed.
"Andy will strengthen our striking options," Grayson told the club's official website. "He's got plenty of experience, having played a lot at this level and in the Premier League.
"He's also returning to the club where he started his career so he knows what it's like here and understands the place."
Source: Team Talk
Source: Team Talk