The Welsh international has been out of action for a number of months following an operation to repair the damaged cruciate ligament in his knee.
Recent reports had claimed that 25-year-old would not be fit enough to return until after Christmas.
However, Solbakken is hoping to have the keeper at his disposal after the next international break.
"I think if everything goes to plan, he should be able to play a game after the next international break," the boss told the Express & Star. "It's going to plan and what he's doing now is ahead of schedule. So when he trains for three or four more weeks, he can step up and play a game in five or six weeks from now.
"Wayne will need a bit of time until he's match-fit because he can't go in and play from day one.
"He can play reserve games and prepare himself for the first team and maybe by playing for the national team with Wales."
Hennessey joined Wolves from Manchester City in 2003.