The 21-year-old has made seven appearances for the Premier League side, including two top-flight starts in the 2021-22 campaign.
He came through the academy at Molineux and made his first-team debut at the age of 17.
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Cundle spent last season on loan at Swansea in the Championship, playing 34 times and scoring three goals.
“He is a technically very gifted player, who can play in a variety of midfield positions, adding to our strength in that department,” Plymouth manager Steven Schumacher told the club website.
“He has huge potential, and importantly he has a full season of Championship experience under his belt with Swansea last season