The 30-year-old, who has scored 16 goals this season, withdrew from the Scotland squad after picking up a slight hip problem while training for the World Cup qualifying contest with Iceland.
However, Iwelumo is hoping that the injury is not that serious, and that in withdrawing from international duty he has allowed himself the chance to play a part in Wanderers' end of season run-in.
"I got a slight strain, and it's one of those where if you play and worsen it then your season's over," he told the club's official website. "As disappointing as it was (to withdraw) the priority was to come back and do my bit for the club.
"Hopefully it proves the right decision and I get a couple of days
treatment and training to be available for selection for Monday."
Wolves are currently five points ahead of second-placed Birmingham with six games remaining.