Varane has not played for a month since he was substituted in their Europa League draw with Sevilla and his return comes at the right time with United looking to consolidate a top-four spot with four games left.
However, Rashford, who has scored 29 goals in all competitions this season, may not be available for the game at Old Trafford on Saturday.
"Rapha Varane is back and Rashford is doubtful," Ten Hag told reporters. "He has a problem, so (it is an) injury on his leg. He's a big question mark for tomorrow but happy Rapha Varane is back.
"We have players who can score goals and they have the opportunity now to show it. Varane is experienced, knows how to win and will lead how to win, will guide us.
"Alejandro Garnacho has one more week training, definitely, so he is available. We have seen he can bring something extra in the team."
Ten Hag's side have 63 points from 34 games to sit two points below third-placed Newcastle United as the top-four race heats up.
Meanwhile, a resurgent Liverpool have won six straight games to sit one point behind United in fifth having played a game more.
But Ten Hag was confident his players would come through, saying they were not showing any signs of nerves despite back-to-back defeats.
"We know that (Liverpool's run) but it's not important because we have everything in our hands... As long as we have everything in our hands then we are not dependent on them," the Dutch manager said.
"What is important is the opponent we face tomorrow: Wolves. We have to take them seriously. They have done a great job... but they also have deficits, (we must) take advantage of that.
"We are convinced with what we are doing, we have a lot of success, we have won a lot of games."
