Winnall has moved to the Caley Jags following a glowing recommendation from his Wolves teammate David Davis who starred on loan.
The forward joined Wolves' youth ranks as a teenager, before signing professional forms in May 2009.
He recovered from a cruciate knee injury to make his senior debut in August 2010 in a League Cup victory over Southend United. He is contracted to the Molineux club until summer 2013.
Winnall has previously been on loan at Burton Albion, where he scored four goals in six appearances, and Hereford United.