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Will a 700r4 four speed transmission fit 1987 jeep grand wagoneer?

No, a 700R4 transmission will not fit a 1987 Jeep Grand Wagoneer without significant modifications, and likely not even then in a practical way.

The Grand Wagoneer of that year used a Chrysler-built TorqueFlite automatic transmission (likely a TF727 or a TF904 depending on the engine and options). The 700R4 is a GM transmission with a completely different bolt pattern, input shaft, and overall dimensions. Adapting it would require major fabrication, custom driveshafts, and potentially modifications to the transmission tunnel. The cost and complexity would far outweigh the benefits.