The 38-year-old had earlier admitted he may have to leave the Reebok Stadium in order to prolong his career because of a lack of first-team opportunities under Gary Megson.
"Since then I spoke to (former manager) Sammy Lee before deadline day and then Gary Megson but got the same answer so it has been an ongoing thing."
Robson added that he had tried to sign Speed while he was manager at Middlesbrough during which time the player was at Everton and Newcastle but failed.
"He was in a very successful side then and was on big money but I am still pleased to get him now.
Robson continued: "He will come into the squad for Wolves and I have no doubt about his fitness levels.
"He was in Bolton's European team recently when they got a good result and then against Liverpool, so he doesn't come here needing games."
The former Leeds player joined the Trotters in July 2004 and made 115 league starts and last featured in the 4-1 defeat of Wigan on December 9.
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