Ebanks-Blake suffered a broken fibula in Wolves' 3-2 win at Birmingham on 1 April, but he also damaged ankle ligaments which leaves him facing a battle to be fit for pre-season.
"Unfortunately his injury is worse than we first thought," said Wolves boss Dean Saunders.
"He's had one operation but there were a few other complications with the ankle ligaments as well. We don't know how long for definite but he may not be ready for the start of pre-season.
"It's a massive blow for him but we'll have to wait until the end of the season and address that in the summer.
"We need to see what division we're in and see how he recovers."
Head of Wolves' medical department Phil Hayward added: "The damage to Sylvan's ankle was more extensive than the scan first revealed, and as a result surgery was more complicated and he will be out for a longer period of time than initially anticipated."
Ebanks-Blake is Wolves' top scorer this season with 15 goals but is out of contract at the end of the current campaign.
Saunders wants to offer the 27-year-old a new deal but says the club's primary focus is ensuring he makes a full recovery.
"We'll cross that bridge when we come to it but the main thing is Sylvan getting his ankle right," he added.