The fixture has been postponed on safety grounds following another night of heavy snowfall, strong winds and subzero temperatures in the Midlands.
Club staff and volunteers worked through the night attempting to make the pitch at Molineux playable, but it failed an inspection the following morning and severe disruption around the ground is also expected.
"Whilst challenging weather conditions up and down the country had already forced a number of EFL fixtures to be postponed we were determined to get this fixture on, and a number of dedicated individuals gave up their time and effort yesterday to help make that a possibility," Wolves managing director Laurie Dalrymple told the club's official website.
"However, the safety of both home and away supporters and the numerous match day staff has to take precedence, and after the dreadful and dangerous weather failed to cease, we have been left with no choice but to postpone this fixture."
Dalrymple added: "We would like to place on record our sincere thanks to the hardy volunteers and club staff who worked through the night in a bid to save the game - unfortunately it just wasn't to be this time."
Several other Championship fixtures are off this afternoon, including Aston Villa versus Queens Park Rangers, Norwich City's visit to Barnsley, Brentford against Cardiff City and Ipswich Town versus Hull City.
The majority of games in Leagues One and Two are also off, as well as every league match in Scotland.