Scans have confirmed Ebanks-Blake suffered a broken fibula and a sprained ankle at Birmingham on Easter Monday.
The 27-year-old had earlier scored twice for Wolves to help secure a third successive win which left them a point above the relegation places.
He told the club website: "Obviously I'm bitterly disappointed to be missing the last five games, but I'll be right behind the lads."
Manager Dean Saunders said: "In the space of 16 days and three games we have lost three players with broken bones.
"Against Bristol City we had Carl Ikeme with a broken hand and Dave Edwards with a foot fracture, and now Sylvan. They are freak injuries and they are ones that we could well do without.
"It was a bitter blow for Sylvan on Monday and for the club too. But it gives someone else a chance."
Nouha Dicko, on loan from Wigan, replaces Ebanks-Blake against Bimingham and could now feature from the start at Bolton on Saturday.