Raul Jimenez was taken to hospital after being stretchered off the field following a clash of heads between the Wolves' forward and Arsenal's David Luiz in Sunday's Premier League game at the Emirates.
Commentators on the Premier League world feed broadcast and Sky Sports reported that Jimenez was taken straight to hospital following eight minutes of treatment on the pitch from a team of medics.
After the match, Wolves tweeted that Jimenez was having a scan for a head injury at a London hospital and that the club would continue to provide more information as soon as it was available.
Wolves boss Nuno Espirito Santos said following the match: "Raul Jimenez is doing a scan now. He's conscious. He's OK inside the gravity of the problem."
"You start hearing code red. It's serious. It was a bad moment for everybody. You see panic in their [medical staff] eyes and you start thinking how is he?
"He speaks, he's aware. We have to have a proper assessment. He's in good hands."
Jimenez, 29, was defending a corner when he collided with Brazil international Luiz while attempting to clear the ball at the near post.
Both players immediately fell to the ground, with concerned teammates calling for medical staff to quickly run on to the pitch to treat the two players.
And although Luiz was able to continue after having a bandage applied to cut on his head, Jimenez was placed onto a stretcher by a team of medics and wheeled around the pitch.
Luiz was substituted off at half-time by Arsenal manager Mikel Arteta.
Jimenez also appeared be receiving oxygen as he was taken off the pitch and up the tunnel at the Emirates. He was replaced by Fabio Silva, Wolves' £35 million club-record signing from Porto this summer.
Following the match, Wolves' skipper Conor Coady said: "We were massively worried when it happened. We knew straight away it was a horrible clash of heads.
"But we just hope and pray everything is OK. I was at the front just behind him when it happened. It's something we never want to see.
"The most important thing is that both players are OK. But he is with the right people now and that's the most important thing. He is in hospital and by all accounts he is awake and breathing."
Arsenal's Joe Willock offered the team's best wishes to Jimenez, while providing an update on Luiz following the match.
"On behalf of the club and myself, we give our best regards to Raul Jimenez. We hope he recovers well. It was a bad incident.
"David Luiz has recovered well. He looked good when I saw him in dressing room."
Wolves went on to win the game 2-1 with goals from Pedro Neto and Daniel Podence.