The 32-year-old's deal is due to expire at the end of the campaign and so far this season he is yet to feature in the Championship, having lost his place at full-back to Matt Doherty.
However, Jackett has insisted that the Wales international could still extend his time at Molineux.
"I wouldn't rule it out that Sam Ricketts will earn a new contract during the course of this season," Jackett is quoted as saying by the Express & Star.
"It's something we might look at. The fact he's 32 coming up to 33 doesn't worry us. It will solely be based on performance. Since he's been at the club he's performed very well."
Ricketts joined Wolves from Bolton Wanderers in 2013.