Price was forced off at half-time in the top of the table showdown at Molineux which finished in a 1-1 draw and will now spend up to four weeks on the sidelines.
The 20-year-old Academy graduate was making his seventh League One start of an impressive breakthrough season.
"Jack has a knee ligament injury and will be out for three to four weeks," head coach Kenny Jackett told the club's official website.
"It's a real blow because we'll miss him.
"He's a good player - he's a terrific passer, he can pass forwards and sometimes you can miss what he does because he plays one-touch and passes forwards all the time.
"He's terrific at picking up second balls and just generally as a person he has a good morale about him that rubs off on others.
"This is his debut season in first-team football but he's had some very good games and I think he has a good future ahead of him at the club."
Jackett added: "We've got other midfielders - Dave Edwards, Lee Evans and David Davis - so it's not a position we're short on."
Maybe now is the time for pig headed Kenny Jacket to eat some humble pie and bring Jamie O'Hara back in from the cold and start playing him again. It is plainly obvious to those of us that pay regularly to sit on the terraces and watch this lot that the current manager does not really want any of the old guard irrispective of their abilities and Moxey, the club bead counter, would rather he continued in that mind-set so that he can avoid paying higher wages to better players, even if it would mean a much improved chance of returning to a higher league. The result is the likes of O'Hara and Foley don't get a look in. Add to that the fact that Wolves obviously, desperately, need to find a striker with true goal scoring ability, but are struggling to do so because Moxey won't shell out the necessary cash and the inevitable failure to gain promotion is a real prospoect for the end of the season. Start playing O'Hara, bring back Foley and find a proper striker, you can't just rely on promising kids alone for success.- andy