The Super Eagles midfielder will miss Saturday’s league visit to the London Stadium but he will join the rest of first-team in training next week
The summer-signing suffered a hamstring injury during a league match against his former club, Arsenal, on December 21 and he has missed their last five games.
Before the setback, Iwobi was a prominent player for the Toffees, starting 11 of his 16 league appearances with a goal to his name.
“Alex Iwobi will not be ready for the match. I think next week he will be able to train with us,” Ancelotti the club website.
Everton will be aiming for their fourth league win on the road this season when they visit David Moyes’ West Ham at the London Stadium.
They are 11th in the Premier League table with 28 points after 22 matches.