The away side created the better chances during the 90 minutes, with striker Adam Coombes being guilty of wasting several opportunities for his side.
Read below to see how the action unfolded at Molineux.
7.16pmHello, and welcome to Sports Mole's live coverage of the Johnstone's Paint Trophy clash between Wolverhampton Wanderers and Notts County.
7.18pmWith the top two tiers of English football on a break because of the upcoming internationals, it's time for the Johnstone's Paint Trophy to take centre stage. Wolves are arguably the favourites to lift the cup early next year, but Notts County have already proven this season that they are capable of performing away from home against the odds.
7.19pmWe are less than 30 minutes away from kickoff at Molineux, so I guess it's about time that I bring you the team news...
7.21pmWOLVERHAMPTON WANDERERS XI: Ikeme; Foley, Stearman, Ebanks-Landell, Elokobi; Henry, Price, McDonald, Golbourne; Griffiths, Cassidy
7.22pmWOLVERHAMPTON WANDERERS SUBSTITUTES: Flatt, Batth, Davis, Sigurdarson, McAlinden
7.23pmNOTTS COUNTY XI: Spiess; Dumbuya, Liddle, Leacock, Coombes; Arquin, Labadie, Campbell-Ryce, Thompson; Fotheringham, Boucaud
7.24pmNOTTS COUNTY SUBSTITUTES: Bialkowski, Smith, Haynes, Haworth, Holt
7.27pmThe rules of this competition state that neither side can make more than five changes to the starting lineup from the previous match, so while each manager has made alterations, both have been forced to name a relatively strong team.
7.30pmWolves qualified for this round of the competition after they edged out local rivals Walsall on penalties. As for Notts County, they were always forced to dig deep against Burton Albion, recording a narrow 1-0 win.
7.33pmAs well as the tie at Molineux, there are 15 other fixtures that are taking place in this competition. If you would like to keep track of them, click here.
7.36pmPREDICTION! While Wolves are the favourites, Notts County come into this game on the back of two victories from their last three matches, so they are in good form. However, Wolves head coach Kenny Jackett has stated that he is keen for his side to reach a Wembley final, and several of their squad will be hoping to impress the former Millwall man. 3-1 to Wolves.
7.39pmA quick reminder before we get going - if the two teams are level after 90 minutes, then we will go straight to penalties.
7.43pmThe two teams have walked onto the pitch. I think Wolves have one of the tallest mascots in history. He was taller than some of the players!
7.47pmMolineux is currently paying its respect to former player Peter Broadbent, who passed away last week.
1 minNotts County get us underway in the first half.
2 minNotts County dominate possession for the opening 60 seconds before losing the ball to Jake Cassidy. The Wolves striker advanced on goal before firing marginally wide from around 20 yards.
3 minCHANCE Should that be 1-0 to Notts County? A free kick is swung into the box for Joss Labadie to head just over from 12 yards. He should have definitely hit the target.
6 minSHOT! Notts County have started this match superbly. They create their second significant chance within the space of a few minutes through Adam Coombes, but the forward's shot is well parried by Carl Ikeme.
9 minWolves are struggling to settle on their home turf, but that's mainly due to the industrious start from Notts County. They are allowing their opponents little time on the ball.
13 minThat's a bit better from Wolves, who hold onto possession, but once they are dispossessed, Notts County break in numbers. I'd be surprised if Notts County can keep this pace up for the 90 minutes, but they manage to earn a free kick from 40 yards.
14 minThe free kick is taken almost instantly and Coombes missed a second chance to give his side the lead, curling the ball straight at Ikeme when he should have perhaps found the corner.
15 minBOOKING! Mark Fotheringham cynically brings down Griffiths to give Wolves a set piece from 25 yards. The Scot picks himself up to curl the ball a whisker away from the top corner.
18 minThis has been an exciting start to the game, with shots being peppered on either goal. On this occasion, Campbell-Ryce cut inside before attempting to drive the ball into the bottom corner. Unfortunately for the visitors, his shot just missed the post.
22 minNotts County are continuing to spray the ball about, but the chances have dried up a little. George Elokobi tries to break down the left for Wolves, but he is soon dispossessed.
24 minWolves produce an excellent flowing move that results in a Golbourne cross being headed out for a corner. The set piece is decent, but Ebanks-Landell's header cleared the crossbar.
28 minEFFORT! As expected, the early frenetic pace has subsided somewhat, but the quality hasn't lessened. With the half-hour mark approaching, Fotheringham curls the ball past the outstretched reach of Ikeme, who is relieved to see the shot go wide.
32 minCurtis Thompson is the next to try his luck for County, but he can't get enough power in his shot. The Wolves contingent are getting a little frustrated with their side's failure to get on top of their opponents.
35 minKenny Jackett will be a little concerned with the way this match has panned out, but he does have the likes of Davis and Sigurdarson to call upon from the bench. Notts County appeal for a penalty after a Coombes dribble, but he is told to get back to his feet after falling too easily.
38 minHenry and McDonald combine to earn Wolves a corner. Griffith's delivery is right on the money, but it's just out of the reach of Elokobi, who was charging in at the back post.
40 minCampbell-Ryce has looked lively when running at the Wolves backline, but his long-range efforts aren't troubling Ikeme's goal, with this particular one flying over the crossbar. Five minutes to go until the break.
43 minNotts County have had over 60% of the possession over the past 10 minutes, which gives you an indication of their dominance of the ball. They are ended the half strongly, but they aren't managing to get close to Ikeme's goal.
45 minThere will be one minute of added-on time.
45+1 minHALF TIME: Wolverhampton Wanderers 0-0 Notts County
8.36pmThe final 15 minutes of that half weren't the most exciting, but the opening 30 produced enough to suggest that we should still expect a few goals in this encounter. Notts County have been the better of the two sides, but they haven't capitalised.
8.39pmI've been very impressed with Notts County forward Adam Coombes. He has looked the most likely to break the deadlock, while keeping the Wolves defence on the back foot.
8.45pmJust another quick reminder about the other fixtures this evening. There's been plenty of action elsewhere, with the odd match coming to a conclusion in the next few minutes. You can follow them by clicking here.
8.51pmWolves have made a change at the break. Sigurdarson has been introduced in place of Elokobi. That should see Scott Golbourne move to left-back.
46 minCHANCE! Wolves get us underway, but they quickly lose possession and Notts County break, with Coombes firing straight at Ikeme when he really should have scored.
49 minSigurdarson's first involvement sees him try to spread the play to the right, but his pass has far too much power on it. More of the same from Wolves, who still look nervy.
53 minWolves can't create anything from a couple of corners, and Notts County quickly regain control of proceedings. There are a few meaty tackles flying in around the pitch, but the referee is keeping his cards in his pocket.
55 minSAVE! There's only one man keeping Wolves in this at the moment, and his name is Carl Ikeme. County broke three-on-two, and despite Arquin closing in on the goalkeeper, the Nigerian stood firm to block the ball from 12 yards. Moments later, Leacock met the ball from a corner, but his header evaded the far post by inches.
57 minWhat a stupid tackle from Arquin. Foley was going nowhere in the corner, but he's just barged into the right-back. However, the free-kick was over-hit, and Notts County clear again.
60 minThere's an hour gone at Molineux, and we are still goalless. Wolves have improved since the restart, but they haven't forced one decent save out of Fabian Spiess.
62 minSUBSTITUTION! Wolves made a second alteration, introducing local youngster Liam McAlinden for Jake Cassidy.
63 minSHOT! McAlinden very nearly makes an instant impact! The ball fell to him around 25 yards out, and with no other options available, he drove the ball wide of the post.
67 minI'm sure it won't be long before Chris Kiwomya makes his first substitution. His players have put in a heck of a shift this evening. They look slightly lethargic in attempting to defend a Wolves move, and concede a free kick on the edge of the penalty area.
68 minSHOT! Griffiths is the man on the ball. He went close with his effort in the opening half, and he goes even nearer this time, clipping the side-netting with Spiess beaten. So unlucky.
71 minBack come Notts County through Boucard, who sees a long-range effort deflected wide of the post, before Wolves manage to bundle the corner clear.
72 minSUBSTITUTION! Here comes the change, and it's Danny Haynes who enters the fray in place of Campbell-Ryce.
74 minNotts County stopper Spiess certainly likes punching the ball. He takes his tally to the half-dozen mark to clear an Henry cross. Wolves keep the pressure on with a corner, but again, they can't find a quality delivery.
78 minWe are just over 10 minutes away from penalties. A part of me hopes that is what we end up with now! Notts County are readying their second change.
81 minSUBSTITUTION! On comes Andy Howarth to make his debut for Notts County. He has replaced Arquin.
82 minEFFORT! Griffiths has plenty of magic in his preferred left foot, but he has been off the mark so far. He tries to engineer a chance on the edge of the box, but he can only blaze over.
84 minThere's been 38 goals in 16 matches tonight. We are one of three not to see a goal...yet.
87 minThe attendance at Molineux has been announced as 7,166. To be fair, it's looks considerably less than that. Both teams are looking for a winner, but the final ball is lacking in both final thirds.
90 minThere will be two minutes of added-on time.
90+1 minIt's looking like penalties...
90+2 minFULL TIME: Wolverhampton Wanderers 0-0 Notts County
9.40pmYou could see this coming as soon as we entered the final 20 minutes. Notts County create the more significant opportunities, but Wolves probably deserved a draw for their effort in the second half.
9.44pmThe two goalkeepers are getting ready, It will Griffiths to take the first for Wolves.
Wolves 1-0 Notts CountySCORES! Griffiths scores, firing the ball to the left of the goalkeeper.
Wolves 1-1 Notts CountySCORES! Super penalty from Haynes, who drives the ball into the left corner, with Ikeme diving to the right.
Wolves 1-1 Notts CountyMISS! Sigurdarson blazes the ball over the crossbar. Terrible penalty!
Wolves 1-2 Notts CountySCORES! Terrific penalty from Labadie.
Wolves 1-2 Notts CountyMISS! Disaster for Wolves as Foley copies Sigurdarson and sends the ball over the bar!
Wolves 1-3 Notts CountySCORES! Fotheringham blasts the ball into the roof of the net. Henry must score.
Wolves 1-3 Notts CountyMISS! Spiess saves from Henry, and Notts County are through!
9.49pmThat was an appalling effort from Wolves in that penalty shootout! They have gifted Notts County their place in the next round, but it has to be said, County's penalties were first class.
9.51pmThat will be all from Sports Mole for this match. There may have been a shortage of goals, but it wasn't a bad cup tie on the whole. Goodbye for now.