The Wolves winger produced some impressive performances during November.
Cavaleiro received 24 per cent of the vote, as reported by the club's official website.
Meanwhile, Aston Villa's Albert Adomah was in second place with 21 per cent of the vote, with Leon Clarke of Sheffield United in third with 20 per cent.
Cavaleiro, who possesses pace and flair in abundance, produced some outstanding displays for Wolves last month as he scored four goals in as many Championship games.
The Portuguese attacker found the net in the victories over Reading and Leeds United before hitting a brace in the 5-1 thrashing of Bolton Wanderers.
Wolves are currently four points clear at the top of the Championship and will be hopeful of securing a return to the Premier League, especially if Cavaleiro can maintain his outstanding form.
Cavaleiro will be hopeful of getting on the scoresheet again when Wolves return to action on Saturday with a home game against struggling Sunderland, who have won just two league games this season.