The setback has forced Wanderers head coach Kenny Jackett to recall Aaron McCarey from his loan spell at League Two side York to provide cover for Wayne Hennessey, who is now expected to start Friday night's clash at Gillingham.
Ikeme, who has firmly established himself as Wolves' first-choice stopper over the last 18 months, sustained the injury late on in the 1-1 draw at Tranmere on New Year's Day.
And an X-ray on Thursday morning has confirmed the Black Country club's fears.
Hennessey is now in line to make his first Wolves appearance since April 2012, when he sustained the first of two cruciate ligament injuries which forced him to miss all of last season.
The Wales international goalkeeper is now fully fit having spent the first three months of this season on loan at Championship club Yeovil.
McCarey, meanwhile, joined York at the end of November and was due to remain until after Saturday's clash against Dagenham but has been recalled slightly earlier than anticipated.
He made a total of five starts for the Minstermen.