The Brazilian was charged by the FA last weekend following an altercation with an Ipswich staff member at the end of their late defeat.
Cunha appeared to elbow the member of staff before forcefully removing his glasses while his teammates and coaches tried to drag him away.
His behaviour was spotted on camera and spread around social media post-match, with the FA then acting on Tuesday by charging him with misconduct.
A ban is expected to follow, but will it be enforced on Sunday at the King Power Stadium?
Is Matheus Cunha banned?
At the moment, it seems Cunha will be allowed to play against Leicester.
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The FA confirmed that the striker will have up until Thursday this week to provide a response to his charges.
Their statement read: "Matheus Cunha has been charged with misconduct following the Premier League match between Wolverhampton Wanderers and Ipswich Town on Saturday, 14 December.
"The forward allegedly acted in an improper manner after the final whistle. He has until Thursday, 19 December, to provide a response."
Thursday has now passed of course, and reports claim that Wolves are still yet to hear from the FA about a potential ban.
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In fact, manager Vitor Pereria, who has just replaced Gary O'Neil in the dugout, seems as confused as everyone else.
Speaking at his press conference on Friday afternoon, Pereira admitted: "I'm not sure [if he's available]. He is an important player."
Cunha was spotted in his new boss' first training session on Friday, but that doesn't confirm whether he will be involved at Leicester.
There is still time for the FA and Wolves to reveal whether the Brazil international will be able to play, or if his likely ban will be implemented straight away.
If the club have decided to appeal the charge, it's expected that Cunha will feature on Sunday before then spending some time on the sidelines.
It will be an agonising wait for Wolves fans as they enter the weekend with no clue if their star man is going to be playing in a crunch match.
In addition, Fantasy Premier League fans will keep an eye on the news as 23.6% of players own him on their teams.
Deciding whether to keep Cunha and risk him missing the upcoming fixture or to sell him for another striker is going to be a tough one.
There are likely to be plenty of goals in Leicester vs Wolves, with both teams struggling defensively while fighting at the bottom of the table.
Cunha has scored eight goals and provided three assists this season, and has undoubtedly been the West Midlands side's best player.
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So it would be a major loss for him to miss such a crucial game against a relegation rival.
There will certainly be an update on his situation over the weekend, so fans and FPL players will have to keep tabs on the latest.
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Cunha's impending ban, depending on how long it is, could see him be absent for Wolves' next three to five matches.
That would potentially include a Boxing Day clash with Manchester United, a trip to face Tottenham and a meeting with Nottingham Forest.