Raul Jimenez could potentially be out for up to eight weeks, according to Telegraph journalist John Percy.
The Mexico international sustained the knee injury against Besiktas on Saturday, and had to be withdrawn in the first-half.
Fans have been anxiously awaiting news on the 31-year-old.
And Percy has said that Jimenez is going to be out for at least a month.
Potentially in the worst possible case, he could miss eight weeks.
It is a hammer blow for Wolves, as Jimenez had been looking fairly sharp in pre-season, scoring twice out in Alicante.
Wolves actually now have no available recognised centre-forwards, having loaned out youngster Fabio Silva to Anderlecht.
As things currently stand, Bruno Lage will have to use either Daniel Podence or Hwang Hee-chan through the middle against Leeds United on August 6.
The development will surely now mean Wolves accelerate plans to sign a new striker.
It had been on the agenda anyway, but it has now just become absolutely paramount.
Disaster for Wolves with Jimenez facing up to eight weeks out
It is the news that Wolves fans have been dreading.
Jimenez being ruled out for potentially up to eight weeks is devastating for Lage, who must now fit square pegs into round holes unless the board are able to deliver for him in the next week.
There was always a risk that something like this could happen.
Really, Wolves should have got their business done much earlier.
Now someone will be coming in to replace Jimenez having hardly had any time to play with his new teammates.