The star striker suffered a horrific head injury when he fractured his skull in the game with Arsenal in late November.
He has not featured since but Nuno Espirito Santo was hopeful he may return this season.
Now, after being assessed by a specialist on Tuesday, the club has confirmed he will not play against Manchester United but will aim to return for next season while wearing protective headgear.
A statement from club doctor Matt Perry read: “Raul was seriously injured six months ago on 29th November and underwent emergency surgery for a major traumatic brain injury and skull fracture (TBI) at St Mary’s Hospital Paddington.
“Since then, he has been under the care and supervision of his neurosurgeon at St Mary’s, Miss Sophie Camp, and Professor Tony Belli of the Queen Elizabeth Hospital Birmingham, as well as the medical team at Compton.
“His skull fracture has now healed well; he will wear a protective headguard to cover the area of bony injury for the remainder of his career, but it is adjudged strong enough for him to return to play with this protection.
“A brain injury such as concussion can take weeks and months to recover fully and TBI will sometimes leave lasting deficits. It is wonderful to be able to say that Raul has made a remarkable and excellent recovery to date.
“He has no measurable signs of deficit and is now at the stage when he can contemplate a return to the career he loves; but a degree of caution is still required.
“Raul has been able to progress from basic fitness work into full competitive training from early March; only holding back on powered heading and aerial duels. He has now received the all clear to start these activities and is physically as fit, strong and agile as ever.
“Further match-based rehabilitation will start in July and will be tightly controlled initially. This respects the fact that although his recovery appears to be total there is a big step from training to competition.
“We are hugely grateful to Professor Tony Belli and Miss Sophie Camp with their guidance and advice on his management, and Miss Camp and her colleagues at St Mary’s for the life and career saving surgery in the few hours that followed Raul’s initial injury.
“We hope and expect that Raul will be able to play a full part in Wolves’ 2021/22 season”