Davis suffered the setback during the first half of Sunday afternoon's 5-0 mauling by Manchester United at Molineux. Jamie O'Hara, Karl Henry and Nenad Milijas are already sidelined, while on-loan Arsenal midfielder Emmanuel Frimpong has been ruled out for the rest of the season and returned to his parent club.
Wolves caretaker boss Terry Connor said: "Has Davis broke a rib? We believe so. The doctors would like that confirmed, and David is going to hospital, but they believe he's cracked a rib. Obviously it was enough to cause some damage for him to have to leave the pitch."
He added: "He'd been playing well and was a vital cog in the way we had set out to play.
"For that opening 20 minutes I thought the midfield had done well against Michael Carrick and Paul Scholes.
"David was very much a part of that and to lose him was a blow.
"I don't know how long he will be out at this moment but he is very sore at the moment. We will see the extent of the damage over the next couple of days."
Davis had been on loan at Chesterfield but was recalled because of the problems in midfield and made his Premier League debut against Blackburn last weekend.
Source: PA
Source: PA