Luiz has been playing through the pain barrier since December, when he picked up a knee injury following a rash challenge from Sergio Aguero, and is expected to be replaced in the side by captain John Terry.
Alonso will also sit out the fifth-round tie but, with the Blues not in action again for a week afterwards, Conte may choose to make only limited changes to his side.
"We have the opportunity to give [Luiz] a week to recover very well and to prepare for the next game. His knee is okay. [It has] improved a lot," he told reporters.
"All the players are in good form and I have only the problem to make the best choices for the game."
Chelsea go into the match at Molineux having won just one of their last four away games in all competitions.