The 27-year-old suffered the injury during his side's 3-2 victory over Birmingham City on Easter Monday, and he becomes the latest Wolves player to be ruled out of the run-in due to a broken bone.
Saunders told the club's official website: "In the space of 16 days and three games, we have lost three players with broken bones.
"Against Bristol City, we had Carl Ikeme with a broken hand and Dave Edwards with a foot fracture, and now Sylvan. They are freak injuries and they are ones that we could well do without.
"It was a bitter blow for Sylvan on Monday and for the club too. But it gives someone else a chance."
Wolves are currently in 18th place in the Championship table.