The head of the Italian Football Federation (FIGC) said on Thursday that midfielder Tonali had been sanctioned with an 18-month ban, eight of which will be commuted to alternative treatment.
“It’s difficult because we haven’t had that official confirmation as a football club yet,” Howe told reporters on Friday.
“We’ve heard the news and speculation statement, but we haven’t had anything from the Italian authorities at the moment so we’re in limbo really waiting for that official confirmation.
“There’s a high chance he could be available for us. There has to be a few things that have to happen before the ban is imposed so let’s see.”
Tonali’s ban is a huge blow to Newcastle who signed the international from Milan in July for a reported 70 million euros ($74 million), a record sum for an Italian player.
Howe said Newcastle had no inkling of any potential betting breaches when they signed him.
“You make a decision at the time with the knowledge you have,” Howe said. “We really liked him as a footballer and had no idea that this was even a possibility.
“Of course, there’s a frustration and a disappointment that we’re not going to have a quality player for a period of time.”
Tonali came on as a substitute in Newcastle’s 1-0 home loss to Borussia Dortmund in the Champions League on Wednesday.
The defeat was made worse by injuries to forwards Alexander Isak and Jacob Murphy who will miss the Wolves match.
“Very different injuries, Alex is a groin which we don’t think is serious but it’s a recurrence of the groin injury he suffered playing for Sweden so we need to assess that,” Howe said.
“Jacob’s is totally different it’s dislocation of his shoulder. It’s not clear what we’re going to do and I think he’s going to see a specialist today. You can play with these injuries or the other side is he needs an operation and he’ll be out for some time.”