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The Portugal attacker, 21, is set to have surgery later after leaving the field in the first half of Friday's Premier League win at Fulham.
"Pedro Neto suffered a significant injury to his patella during the match against Fulham and, following a review with a knee specialist in London at the weekend, surgery has been planned for later this week," Wolves said.
"Unfortunately he is not expected to return to play until next season."
Portugal open their European Championship campaign against Hungary on June 15 in Budapest before facing Germany and France in the group stage.
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Wolves defender Jonny will also have surgery this week to repair damage to ligaments in his right knee following a training injury last week.
The 27-year-old Spaniard only returned to action in February after a knee operation in August.
"Jonny saw a specialist for his knee ligament injury, and his surgery is also planned for later this week," the statement added.
No return date has yet been set for defender Fernando Marcal, who is "making good progress" after groin surgery in February.
Wolves also said midfielder Ruben Neves, who played in Friday's match, had tested positive for coronavirus and is now in self-isolation.
Wolves are now 12 points clear of the relegation zone.
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