Cavaleiro became Wolves' record signing when he joined from Monaco for a reported £7m fee in August.
The 23-year-old has made 22 league appearances for the Championship side, but has started in only 12 games.
Wolves are 18th in the Championship table, seven points above the relegation zone.
Wolves head coach Paul Lambert says winger Ivan Cavaleiro will be unavailable for "a few weeks" after he suffered a knee injury.