The 21-year-old Wolves striker will spend the rest of the season at Home Park boosts Tony Pulis' options as Argyle look to break their goal drought.
Clarke is set to make his debut for Argyle against Preston, the very team he scored his first senior goal against, on his first league start for the Midlands club. His impressive rise through the ranks at Molineux saw him rewarded
a two-year contract, with the club looking to extend that deal by a further year.
There are two more significant clauses to this deal. Firstly Clarke will not be eligible to play against his full-time employers in the match at Home Park on April 1 and the Black Country outfit will also be able to recall the player with giving just 24 hours notice, as of April 28.
Last season, Clarke proved himself in front of goal with 8 goals from 12 starts and 19 substitute appearances. This season he has been loaned out to QPR for a brief period and has now taken the opportunity to show Plymouth why he is so highly-rated.
Clarke has already adeared himself to the Pilgrims this season. The youngster scored the only goal in Plymouth's 1-0 cup exit to Glenn Hoddle's side in January. Now, he fins himself lining-up for the Greens, though this was also the case last season when Nick Chadwick was signed by then manager Bobby Williamson. Playing for Everton, Chadwick sealed a 3-1 win for the Toffees at Home Park, the game being televised on BBC Sport.