The 23-year-old was carried off in Saturday’s 2-1 win over Charlton and is set to have an operation next week.
Dicko, who joined from Wigan in January 2014, has partnered Benik Afobe up front this season and has scored once in six games.
His injury also strengthened Wolves’ resolve to hang on to Afobe after they rejected three bids from Norwich for the striker.
Kenny Jackett confirmed he is hunting reinforcements up front with Adam Le Fondre having already been brought in on loan from Cardiff last month.
“We are still looking and trying for something before Tuesday but that may be difficult,” he told the Wolverhampton Express & Star.
“If it doesn’t happen, we will continue to look at the loan market and then again in January.”