The 25-year-old sustained the knock while representing Algeria during an African Nations Cup qualifier last month.
The complaint has led Guedioura to miss all three of Wolves' pre-season friendlies against Crewe Alexandra, Walsall and Notts County.
"Adlene is seeing a specialist about his ankle," confirmed manager Mick McCarthy. "We hope it is not too serious."
Guedioura missed six months of the previous campaign with a broken leg.