Maanum went down off the ball towards the end of normal time during the game at Molineux.
The Arsenal midfielder was treated by medical staff on the pitch and was carried off on a stretcher while receiving oxygen.
Maanum was taken off and replaced by striker Alessia Russo, with the game goalless as it moved into extra-time.
In a statement on social media platform X, Arsenal posted: “Frida is conscious, talking and in a stable condition.
“She will continue to be monitored closely by our medical team. We’re all with you, Frida.”
Arsenal lifted the trophy after Maanum was taken off, with Stina Blackstenius ending the stalemate with an extra-time winner.
Teammate Alessia Russo told the BBC at full-time: “I think it was written in the stars that her best mate went and scored the winner for her.
“Frida is a massive player and plays with every single bit of her body, and she did that today. We just hope she's OK.
“Obviously it's devastating to see one of your team mates go down like that, and we're all wishing and praying that she's OK.”
Arsenal coach Jonas Eidevall praised the work of the medical staff in dealing with the incident.
“It looked a little bit scary when she went down and of course we were worried,” he said. “But we have a great medical team and we trust them.
“And we needed to stay focused on the football. At that time that was what we could control, after the game of course my first thought was Frida and I’m so happy to hear now I’ve met her that she’s doing well and she’s fine.
“We of course need to monitor her but she seems to be doing fine, and even if this [medal] is important, that is even more important that she’s doing well.”
