The Blues had the option of recalling Mancienne during January after he spent the first half of the campaign on loan at Molineux.
That deadline has now passed and the England Under-21 player will stay with Wolves.
But Mancienne's first priority is to recover from a knee injury.
Wolves boss Mick McCarthy said: "There was a deadline for Chelsea to recall Michael and that's passed.
"He hasn't been recalled and he's our player to the end of the season. That's good news - but it will be even better when he's fit and at the moment he's still undergoing his rehab.
"He's having that back at Chelsea and our physio is in contact with their physio. He'll be out for a total of six weeks. That's where we're at with him."
Mancienne is in his third loan spell with Wolves.
McCarthy will resist the temptation to sell midfielder Dave Jones, who is out of contract next summer, during the current transfer window.
Jones has not put pen to paper on a new deal and can leave on a free transfer in May.
Source: PA
Source: PA