Abnormal blood tests were taken during the Championship club's pre-season training and further medical investigation has revealed the 31-year-old is suffering from leukaemia.
"It would be an understatement to say that everyone at Wolves has been shocked and saddened to hear the news of Carl's diagnosis," said Wolves' managing director Laurie Dalrymple.
"At the same time, we all know what a fighter and a competitor Carl is, and I have no doubt that he will take all of those attributes into this battle."
Ikeme, who was born in England but been capped 10 times by Nigeria, has made more than 200 appearances for Wolves.
(Writing by Pete Hall, editing by Neil Robinson)
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