Mouyokolo became one of Mick McCarthy's six summer signings when moving from relegated Hull for an undisclosed fee.
But he has not been able to feature in any of Wolves' pre-season games to date after suffering the setback in training.
Now the 23-year-old is hoping to make up for lost time with the start of the Premier League campaign just over a fortnight away.
Mouyokolo said: "It has been frustrating because the other lads have had three weeks training and also been playing friendlies.
"I wasn't injured at all with Hull last season and it's particularly frustrating for it to happen when you move to a new club.
"You want to get a really good pre-season under your belt and make a good impression.
"But I came back on Monday and the good thing is I don't feel any pain in the ankle anymore.
"I'm ready to play in any of the games if the gaffer wants me."