Wolverhampton Wanderers striker Raul Jimenez underwent an operation on his fractured skull following a clash of heads with Arsenal defender David Luiz during Sunday's game.
The Mexican forward needed oxygen on the pitch before being taken off on a stretcher and rushed to hospital.
Brazilian centre-back Luiz played on played on with a bandage wrapped around his head before being substituted at half-time. Wolves went on to win the match 2-1.
"Raul is comfortable following an operation last night, which he underwent in a London hospital," Wolves said in a statement on Monday.
"He has since seen his partner Daniela and is now resting. He will remain under observation for a few days while he begins his recovery.
"The club would like to thank the medical staff at Arsenal, the NHS paramedics, hospital staff and surgeons who, through their skill and early response, were of such help.
The club ask that Raul and his family are now afforded a period of space and privacy, before any further updates are provided in due course."
Bother managers expressed their shock at the incident after the match. "You start hearing 'code red'," Wolves manager Nuno Espirito Santo said.
"It was a bad moment. What was the reaction? Panic, panic panic. You could see the faces on the team-mates. It was a serious situation. It's awful and terrible."
Gunners manager Mikel Arteta said: "I was shocked because I saw the reaction of the players – they were asking the doctors. We were really worried ... because it was really nasty."
Jimenez, 29, scored 17 goals as Wolves finished seventh in the Premier League last season.
Former Newcastle United and England striker Alan Shearer criticised the decision to allow Luiz to play on after the incident.
"Football needs to get real and wake up," he said on BBC's Match of the Day 2. "It needs to get serious, not next month, now. This has been going on for far too long. The [concussion] protocols in football are not acceptable."
Arteta defended the decision to keep the Brazilian on saying he had shown no signs of concussion and was only withdrawn as the player was concerned about the cut.
However, there have been renewed calls for temporary substitutes to be used as they are in rugby union whilst the player is given a thorough examination.
"Too often in football we see players returning to the pitch having undergone a concussion assessment only to be withdrawn a few minutes later when it is clear that they are not fit to continue," said Luke Griggs, chief executive of brain injury charity Headway.
"That is the very reason why we urgently need temporary concussion substitutes in football. You simply cannot take a risk with head injuries."
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