The 31-year-old Scot ruptured his anterior talofibular ligament (ATFL) in the game at Reading earlier this month and was expected to be sidelined for the rest of the season.
However, Mulgrew returned to training at the start of this week and is eager to be involved in this weekend’s big game against his former club.
"At one point it was looking a bit unlikely," said the versatile defender. "I always had one eye on maybe getting back for the last game, but it’s worked out that my ankle feels great and I’m ready to go for Saturday.
"It’s more nerve-wracking watching the games than being involved in them to be honest, so I’m just glad that I can come back and hopefully I can contribute and do my bit between now and the end of the season."
Rovers picked up four points over the Easter weekend - beating Nottingham Forest 1-0, before drawing 1-1 at home to Bristol City - to move to within one point of safety.
Mulgrew knows that, with three games to go, there is still a big challenge ahead, but he insists that everybody is up for the fight.
"We wanted more than that to be honest, but it is what it is and we know what we have to do now, and we’re fully focused on the challenge ahead," he added.
"The manager will have us ready for the match and we all know what we need to do. A win on Saturday would be massive. We’ll take each game as it comes and this is the next game, so we’ll be 100 per cent focused on the tactics and what we have to do.
"Everybody knows what we need to do. We need to fight for the cause and work hard and pick up points. We need to start getting wins and that needs to start on Saturday."
Fans wishing to see this Saturday's match at Molineux will need to get their tickets in advance as there will be no sales on the day.
Because of this the club now has an increased allocation of 1670 tickets. These will be on sale until 4.00pm this Friday.
Tickets are priced at £30 Adults, £15 Seniors 65+ and Under 21’s £15, Under 17’s £12 and Under 12’s £10.
There are limited away travel places still available at £16.50 Adults, £15.00 Concessions.