The on-loan defender returned to parent club Chelsea for treatment after suffering the problem during Wolves' 3-0 defeat to Blackburn at the start of December.
Mancienne took part in his first Wolves training session on Monday, and told www.wolves.co.uk: "It's not been the best time for me but I'm delighted to be back. It's been quite a troublesome injury and has probably been the longest one I've had. So it's great to have recovered."
He added: "I've been working really hard on running and fitness work at Chelsea and trained a couple of times there last week.
"It was my first session back at Wolves yesterday and it felt good."
Wolves have enjoyed a decent spell of form, with wins over Blackpool and Manchester United in recent weeks, but they remain in the bottom three, two points from safety.
Mancienne added: "I've been following how the lads have been doing and they've been playing some great football and picked up some very good results as well.
"Once I get that match fitness it's about trying to get back involved with the team and, if possible, playing a part in helping them stay up.
"I think we've got a good chance of surviving and would be delighted to make a contribution."
Source: PA
Source: PA