Wolves missed the chance to move into the play-off places as they crashed to a 3-1 defeat at home to Sheffield Wednesday.
With Preston and Cardiff both drawing the opportunity was there for Glenn Hoddle's side, but they succumbed to an Owls outfit who did their chances of surviving relegation the world of good.
A double from Marcus Tudgay and a Deon Burton strike did the damage for Paul Sturrock's men, who conceded themselves when Carl Cort scored for the home side.
However the opening encounters at Molineux promised much for the home side as Kenny Miller was denied by Owls keeper Scott Carson before the on-loan Liverpool man also produced a fine save to deny Lee Naylor.
The Wolves defender was in rampant mood and drove another effort wide after slaloming past two tackles, and Carson underlined his potential with a dramatic double save to deny Rohan Ricketts and Naylor again.
Despite having a number of chances Wolves slipped behind just before half time when Tudgay converted a cross from strike partner Burton.
After the break Cort missed a header when well placed in the six yard box, but he made a more decisive intervention on 50 minutes as he beat Carson from a Naylor corner.
Joleon Lescott was unable to do the same soon after and Tomasz Frankowski spurned another chance to claim his first goal in Wolves colours as he found Carson with the goal at his mercy.
Wolves paid for their failure to find the net as Burton snuck in behind the home defence and finished past Stefan Postma on 67 minutes.
Hoddle's side continued to waste their openings as Carson produced a superb save to deny Cort, and Tudgay completed the home side's misery when he slotted home after a neat back-heel from Burton.