Milijas struggled to become established last season after his move from Red Star Belgrade. There was even speculation that he would quit Molineux last summer.
But Milijas has since become a first-team regular and is keen to get the better of close friend Ivanovic, saying: "He is a great player who has been playing in England for a long time now. I think he has become one of the most important players for Chelsea - but I hope to beat him on Wednesday."
He added: "That would make me happy and I won't let him forget it. I will talk about it all the time! I hope to make his life a misery although we will still be friends afterwards."
Wolves manager Mick McCarthy has warned fans not to expect miracles from the key players who are on the cusp of returning from injury.
Striker Kevin Doyle is in the squad for Wednesday evening's Molineux encounter with Chelsea after recovering from a thigh problem, while Karl Henry is likely to return for the FA Cup game against Doncaster at the weekend and long-term absentee Jody Craddock has also resumed training.
However, McCarthy was keen to stress that, while returning first-team players will help Wolves' cause, they will not lift the team out of the relegation places on their own.
He said: "Let me clear something up - they're not coming back with tights and a cape on, and knickers on the outside of them because we were beaten when they were in the team as well.
"So let's not just think they're going to come flying on to the pitch tomorrow and that's us all sorted. But it will certainly help.
"We name 25 players and we'd like the ones who are first choice to be fit."
Source: PA
Source: PA