Price was forced off at half-time in the top of the table showdown at Molineux which finished in a 1-1 draw and will now spend up to four weeks on the sidelines.
The 20-year-old Academy graduate was making his seventh League One start of an impressive breakthrough season.
"Jack has a knee ligament injury and will be out for three to four weeks," head coach Kenny Jackett told the club's official website.
"It's a real blow because we'll miss him.
"He's a good player - he's a terrific passer, he can pass forwards and sometimes you can miss what he does because he plays one-touch and passes forwards all the time.
"He's terrific at picking up second balls and just generally as a person he has a good morale about him that rubs off on others.
"This is his debut season in first-team football but he's had some very good games and I think he has a good future ahead of him at the club."
Jackett added: "We've got other midfielders - Dave Edwards, Lee Evans and David Davis - so it's not a position we're short on."