The game's biggest chance came at the feet of 18-year-old Fabio Silva in the second half, when the striker saw his effort superbly saved by Kasper Schmeichel.
Failing to earn all three points means the Foxes miss the chance to overtake Manchester United into second in the Premier League table, whilst Wolves are now 12 points above the relegation zone.
Story of the match
There were mixed feelings going into the game for the hosts', with Jonny Otto Castro returning to action for the first time since injuring his anterior cruciate ligament in the 1-0 victory over Olympiacos in August.
Despite the positive news regarding Jonny, Wolves were dealt with the surprising news that Willy Boly, with the commanding central defender missing the game due to an unknown injury.
With Nuno Espirito Santo opting for a back three against the Foxes, it was them who had the games opening opportunities. The first coming through Ruben Neves, with the Portugeuse midfielder failing to keep his strike down from the corner, before Adama Traore's right-footed strike was brilliantly blocked by James Justin.
Top four chasers Leicester City improved as the first half grew old, with James Maddison and Youri Tielemans ever so instrumental in Brendan Rodgers' game plan. Maddison saw his hopeful ball fly across the six-yard box before testing Rui Patricio himself from a free-kick.
Jonny's comeback came to an end at half-time, with Ki-Jana Hoever replacing the wing-back. But it was Wolves' right-hand side that created problems for the visitors, with Traore enjoying much more success against Justin than he did prior to the break.
The Spain international's explosive pace beat Justin before firing the ball across Schmeichel's goal for Pedro Neto, but the impressive teenager couldn't direct his effort goalwards.
Jamie Vardy's absence out with injury came to an end as he replaced Kelechi Iheanacho on 61 minutes as Rodgers' side began to re-develop their dominance in the game.
The Foxes' biggest chance of the second half fell to Harvey Barnes in the final 20 minutes when Justin's cut-back landed at the feet of the winger, only for his effort to take a huge deflection and fall just wide.
Arguably the biggest chance of the afternoon fell to Silva late on. The substitution latched onto Neves' stabbed pass but was brilliantly denied by Schmeichel from six-yards out.