The 31-year-old was revealed to have the condition after he reported back for pre-season training and returned abnormal results on a blood test.
The Nigerian international will now start an immediate course of chemotherapy.
“It would be an understatement to say that everyone at Wolves has been shocked and saddened to hear the news of Carl’s diagnosis,” said Wolves' managing director Laurie Dalrymple.
“That relates to both players and staff as Carl has been at the club for a very long time and remains such an integral personality within the group.
“At the same time, we all know what a fighter and a competitor Carl is, and I have no doubt that he will take all of those attributes into this battle.
“Similarly, its goes without saying that Carl and his family will receive the full love and support that we at Wolves can provide – we are all with him every single step of the way towards a full recovery.
“There are going to be some very tough times ahead, but he will receive the best possible care, aided and supported by our own club doctor and medical team, as he embarks on the lengthy process of treatment.
“We are speaking to Carl regularly, and sending him our very best wishes as he comes to terms with this news and starts his recovery.”
Ikeme came through the club's academy ranks at Wolves, making his first team debut in a 2005 League Cup tie when he was 19.
With Matt Murray and Wayne Hennessey ahead of him in the pecking order he spent several spells out on loan including with Middlesbrough, QPR and Leicester before finally making the number one jersey his own at Molineux in the 2012/13 season.
In 2015 the Sutton Coldfield-born keeper made a shock international debut for Nigeria, who he qualifies for through his father.
Ikeme called it a 'dream come true' and he's since become the regular number one keeper for the Super Eagles.
Wolves have said fans wishing to send messages of support to Ikeme can email firstname.lastname@example.org