The Portuguese shot-stopper ran out of his six-yard box to close down Reds striker Mohamed Salah at Molineux when he collided with his team-mate Conor Coady.
There was a 13 minutes delay as Patricio received treatment down on the pitch.
The goalkeeper appeared to be unconscious as he had an oxygen mask and neck brace fitted and was strapped to a backboard.
Patricio was eventually taken off with John Ruddy coming on as his replacement.
Patricio has started 103 out of 104 Premier League games at Wolves since joining the club in 2018.
Wolves striker Raul Jimenez suffered a similar injury earlier in the season after he clashed heads with Arsenal centre-back David Luiz back in October 2020.
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Jimenez is still out of action for the Midlands side, and was in attendance at Molineux as Liverpool ran out 1-0 winners thanks to a goal from former Wolves star Diogo Jota.
Immediately after the fixture, Liverpool’s official Twitter account wrote: “Three points but tonight our thoughts are with Rui Patricio.”