"Obviously with a hamstring injury, the last thing we want to do is go and lose Geoff for six weeks," Iron boss Nigel Adkins told the Scunthorpe Telegraph.
Hayes is likely to be elevated into the starting line-up at Molilneux, although Adkins has no other fresh injury concerns - with Cliff Byrne still ruled out and Grant McCann suspended.
Wolves are expected to make changes as Sylvan Ebanks-Blake, George Elokobi, David Edwards and Daniel Jones were ineligible for their FA Cup fifth round loss to Cardiff City.
Michael Kightly, Stephen Ward and Neill Collins are ruled out through injury, although winger Matt Jarvis could play despite a hip problem.