Wolves are set for their first game in the third-tier of English football since 1989, when they take on Preston North End at Deepdale.
A Premier League club just two seasons ago, Wolves now find themselves in League One after successive relegations.
The Midlands side are favourites for promotion under manager Kenny Jackett, but face a tough opener against Preston, who will achieve promotion aspirations of their own.
Jackett's only summer signing, Sam Ricketts is set to captain the side, while Lee Evans and Leigh Griffiths could make their debuts this weekend.
Former England international Kevin Davies is primed to make his debut for Preston, after the striker joined on a free transfer from Bolton this summer.
Simon Grayson could partner Davies with Iain Hume upfront, as Stuart Beavon remains sidelined through injury.
Grayson is set to begin his first full season in charge of Preston, after his appointment in February, and his excited about the visit of Wolves on Saturday.
"It's a good start for us and there's an excitement around the place. Everything's in place and now we've got 46 league games to try and get into the play-offs at the very least," he said.
"Two years ago, Wolves were preparing for life in the Premier League. Back-to-back relegations have brought them back into League One and they're going to be everybody's favourites.
"It's going to be difficult at times for them because of the expectancy levels. I had a similar problem at Leeds. Everybody expects you to go straight back up and it wasn't that easy.
"We know we're in for a tough test but it's a challenge we're really looking forward to at the weekend."
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