Ikeme sustained the injury in the 1-1 draw at Tranmere on New's Year's Day but rejoined his team-mates at the club's Compton training ground on Monday.
It remains to be seen whether he needs an Under-21 fixture to regain his sharpness after almost six weeks on the sidelines, but head coach Kenny Jackett knows he now faces a welcome dilemma over who is first-choice at Molineux.
Aaron McCarey has stepped in for the last five matches, keeping three clean sheets amid four successive wins for the Black Country club, and will battle it out with Ikeme for the number one spot after Wayne Hennessey departed to join Crystal Palace.
Jackett told the club's official website: "I'm feeling very positive about the fact he's back but whether I continue with Aaron or start with Carl again, I think I've got two very good goalkeepers, and that's what I want.
"When you get down to one, it definitely makes you slightly nervous with the situation that Wayne was in just before his move where he was in limbo for a few weeks.
"Then I'm pleased to say he got the move he wanted, but for us now, to get that department as strong as possible again and that means back-up as well.
"As we go into a vital period for the club, it's important that every department is as strong as possible."
Midfielder Dave Edwards is stepping up his rehabilitation from a foot injury but is not yet back in full training.
Elsewhere, winger Zeli Ismail has extended his loan stay at League Two promotion chasers Burton until the end of the season.
The 20-year-old joined Albion on an initial month-long deal in January and has impressed in his five appearances, most recently stepping off the bench to score the only goal in Saturday's 1-0 win at Morecambe.
Wanderers do boast a 24-hour recall clause, and Jackett added: "He's a very talented player - he's two-footed and can cross or shoot with both feet and he's now looking for the consistency to turn him into a League player.
"I'm looking for him to hold down a starting place at Burton from now to the end of the season.
"That's his challenge to do that."