Lewis-Skelly picked up the injury during Arsenal's 2-2 draw against Aston Villa on January 17 but played the entire match. The defender then missed the 3-0 Champions League win over Dinamo Zagreb on Wednesday, but Arteta has played down the extent of the injury.
Arteta also gave a positive update on William Saliba, who missed the Premier League draw with Villa and win over Dinamo Zagreb, but could return ahead of a busy run of matches after the trip to Molineux.
"Myles was nothing serious so it will be a matter of having a meeting with the medical staff," Arteta -- who added that Ben White remained sidelined -- said on Friday. "With Willy (Saliba) it's similar. Maybe next week."
After Arsenal's game at Wolves, Arteta's side will travel to Girona in the Champions League four days later before hosting Manchester City in the Premier League on February 2.
18-year-old Lewis-Skelly has been at the club since he was a child, coming through the academy to make his senior debut in a 2-2 draw with Manchester City in September. He has made 16 appearances for the team since then and has started six of the last seven league games.
Lewis-Skelly had been the latest absentee in Arsenal's defence, with Saliba, White and Takehiro Tomiyasu currently sidelined. Summer signing Ricardo Calafiori returned to training this week but Arteta said that he only took part for 20 minutes and the Italian did not feature against Zagreb.
In attack, Bukayo Saka is out with a hamstring injury that is expected to keep him out until March while Gabriel Jesus suffered an anterior cruciate ligament (ACL) injury in his left knee this month.