The 26-year-old went under the knife in order to repair loose cartilage in the defender's ankle.
"I'd been struggling with the ankle on and off during last season and it was frustrating because I couldn't move as freely as I wanted," Foley told the club's official website.
"The last option was surgery, but it got to the stage where it was needed and the operation has gone well. So hopefully between four to eight weeks I should be back fit again."
Club physio Steve Kemp added: "Kevin will be off his feet for a couple of weeks and we're probably looking at somewhere maybe six to eight weeks to be playing again."
The Republic of Ireland player signed for Wolves four years ago.