The 25-year-old Algerian midfielder suffered the setback when on African Nations Cup qualifying duty for his country last month.
Guedioura has been unable to feature in any of Wolves' three pre-season friendlies to date, against Crewe, Walsall and Notts County.
Wolves boss Mick McCarthy said: "Adlene is seeing a specialist about his ankle. We hope it is not too serious."
Guedioura missed six months of last season with a broken leg.