The full-back has made two appearances this season, but limped out of both.
"He needs games to produce his best form but injuries have stopped him doing that. When that builds up as it did for up to two seasons you have sympathy for someone who's a very decent guy and a very good professional," Jackett is quoted as saying by the Express & Star.
"It's always a balance between the two – what the individual needs and the cover and competition for the club in a very important season. As well as looking at any one individual player, we have to look after the club in terms of what's a very important season."
When asked if the 27-year-old would be allowed to depart Molineux on a loan basis, Jackett replied: "We'll see. It's early to think about that when we have a number of players away on international duty."
Elokobi joined Wolves from Colchester United in 2008.