Kightly has not played since the home clash with Birmingham in November 2009 after initially suffering an ankle injury and was then laid low with problems in both knees.
But he is now close to fitness, with manager Mick McCarthy considering sending him out on loan with a view to returning to Molineux for the final part of the campaign.
McCarthy said: "Kights will be back on Monday to train. It's been a long time and it will be a massive boost to him. If he can come back, it will be terrific. If he has to go out for a month then so be it, and then maybe come back for six or seven games for us. But we will see."
Meanwhile, on-loan Chelsea utility player Michael Mancienne is also close to returning to fitness after a lengthy lay-off with a knee problem. He has been back at his parent club but is due to rejoin Wolves sooner rather than later.
McCarthy added: "Michael has been out running. I've had a text from him and he is doing okay. We are hoping he is going to be up here in a couple of weeks time."
Source: PA
Source: PA