For the home side, a win would keep them in contention in the battle for seventh place, with Nuno Espirito Santos men one of four teams vying to finish as the best of the rest and earn the reward of European football next term.
Arsenal came unstuck at home to Crystal Palace on Sunday, failing to capitalise on Tottenham and Manchester United dropping points in the race for the top four, leaving Unai Emerys men with a lot of work to do from their remaining four matches if they want to seal a Champions League spot.
Check out 90mins breakdown of the midweek tie below.
Where to Watch
When Is Kick Off?
Wednesday 24 April
What Time Is Kick Off?
Where Is it Played?
TV Channel/Live Stream?
BBC Sport Final Score
Wolves have a luxury which many teams would be jealous of at this point in the season - they have no injuries to any members of the first team squad. This is quite remarkable seeing as they endured a long cup run and find themselves in a dog fight in the league table.
A week of warm weather training in Spain prior to Saturdays draw with Brighton was used for mental and physical recovery, in preparation for the final month of the season.
For Arsenal, notable absentees include Aaron Ramsey after his hamstring injury against Napoli, with both Granit Xhaka and Denis Suarez classed as questionable after neither made the squad to face Crystal Palace on Sunday. Xhaka has a hip injury while Suarez is believed to be suffering from muscle fatigue.
Sokratis Papastathopoulos is available for selection after completing his two-match suspension. Hector Bellerin and Danny Welbeck remain sidelined.
Patricio; Doherty, Bennett, Coady, Boly, Jonny; Gibbs-White, Neves, Moutinho; Jimenez, Jota.
Leno; Maitland-Niles, Sokratis, Koscielny, Monreal, Kolasinac; Xhaka, Torreira, Guendouzi, Ozil; Lacazette, Aubameyang.
Head to Head Record
History doesnt bode well for Wolves as they havent recorded a win against the Gunners since 1979 in all competitions. The sides have met nine times in the Premier League, Arsenal coming out on top on seven times with the spoils being shared on two occasions.
The reverse fixture earlier in the season ended 1-1 at the Emirates, a late goal from Henrikh Mkhitaryan salvaging a point for the home side after Ivan Cavaleiro put Wolves ahead in the 13th minute.
Wolves almost snatched a dramatic winner when 19-year-old Morgan Gibbs-White struck the bar in added-time. The youngster has been the subject of much praise from his manager and would love to grab his first Premier League goal this time around.
Wolves have struggled to pick their heads up since suffering defeat to Watford in the FA Cup semi final, losing on the road to Southampton and failing to see off Brighton in a 0-0 draw on Saturday afternoon.
That being said, they are unbeaten at home since January 7, a run of form which has seen them topple the likes of league leaders Liverpool in the FA Cup and crush Manchester United in back to back games.
This will come as worrying news for Arsenal fans as their side have only the ninth best away form in the league. Saturdays loss at home to Crystal Palace yet again highlighted their weakness in defence as starts for Konstantinos Marvropanos and Carl Jenkinson failed to stabilise the ship.
The Gunners have three away games left this season, starting with Wednesday evenings trip to Molineux, and a positive result is vital in order to gain a bit of momentum to set them up for a tough run in with trips to Leicester and Burnley to come.
Heres a look at both teams results in their last five matches.
Wolves 0-0 Brighton (20/4)
Arsenal 2-3 Crystal Palace (21/4)
Southampton 3-1 Wolves (13/4)
Napoli 0-1 Arsenal (18/4)
Watford 3-2 Wolves (7/4)
Watford 0-1 Arsenal (15/4)
Wolves 2-1 Manchester United (2/4)
Arsenal 2-0 Napoli (11/4)
Burnley 2-0 Wolves (30/3)
Everton 1-0 Arsenal (7/4)
Santo will be looking for his side to bounce back following three disappointing results, and a home fixture against an injury hit Arsenal side who are inconsistent on the road could be the perfect setting.
Ramsey will be missed for the away team although it will be their rocky defence which could be the deciding factor in this result. Anything but a win will be seen as dropped points for Emerys men as the race for the top four hangs on a knife edge.
Prediction: Wolves 1-1 Arsenal