The Mexican was tended to on the floor by medics for 10 minutes before being stretchered from the field.
Sky Sports reported Jimenez is conscious in hospital and responding to treatment.
Luiz continued with blood seeping into a white bandage wrapped around his head until half-time when he was replaced by Rob Holding.
Football's lawmakers IFAB have opened the door for concussion substitutes to be used on a trial basis with the English Football Association hoping to do so in this season's FA Cup.
Former Chelsea and Celtic striker Chris Sutton has been a campaigner for concussion subs and more investigation into the high percentage of former footballers suffering from neurodegenerative diseases.
"Sickening head clash between Jimenez and Luiz. It's time football wised up and got up to date and immediately ratifies temporary concussion replacements," Sutton tweeted.
"Jimenez clearly in a bad way. Has David Luiz been checked adequately?"
Wolves shrugged off the loss of their top scorer to take a 2-1 lead before half-time as Pedro Neto and Daniel Podence struck either side of Gabriel Magalhaes's equaliser for Arsenal.