Davis suffered the injury during Sunday's 5-0 home setback against Manchester United. He had been recalled from a loan spell at Chesterfield the previous week because of the injury crisis in the centre of the park.
Wolves caretaker boss Terry Connor confirmed: "It will be three weeks before you see David because of his rib."
Jamie O'Hara has been sidelined for a further month with his ongoing groin problem, while hopes of experienced midfielder Karl Henry being fit to return for Saturday's game at Norwich have also been dashed.
Henry suffered a hamstring strain during the 5-0 defeat at Fulham three weeks ago and is still unable to resume training. However, Connor is hoping another midfielder, Nenad Milijas, will be in contention to face the Canaries after his calf injury.
He said: "Karl is out. He will not be fit for Saturday. But Nenad trained today (Thursday) so, hopefully, he will suffer no ill-effects and be another body for us for selection."
Connor is not bemoaning his luck at seeing so many players from one area of his side laid low at the same time.
"Part and parcel of what happens at a football club you do lose players through injury," he added.
"We have been a little bit unlucky in terms of having them in the same area of the pitch.
"But injuries do happen and you have to be philosophical about it and crack on with what you have got."
Source: PA
Source: PA