Dave Jones's team will be condemned effectively to first division football next season if they lose and Portsmouth, Blackburn Rovers and Manchester City all win.
With five games left Wolves have 25 points, nine less than the City, Rovers and Portsmouth who are the three teams hovering just above the drop zone on 34 points.
Having won only five of their 33 games so far, leaking 71 goals in the process, Wolves can have few complaints and their atrocious goal difference of minus 40 says it all.
On Saturday, City entertain Southampton and Rovers host second-bottom Leicester. However, Wolves' best hope of delaying the inevitable is the fact that Portsmouth welcome third-placed Manchester United, whom they have not beaten at Fratton Park since 1955.
"We can't give up," Wolves keeper Paul Jones said optimistically on his club's website. "We have to carry on searching for the points while we still have a shout of staying in it."
While Wolves are the front-runners for the drop, the identity of the two teams who will join them is likely to remain unclear for a few more games, although Leicester, on 28 points, also look doomed.
Leeds United, who visit league leaders Arsenal on Friday, have given themselves real hope by earning seven points from the last nine. On 32 points, the newly-bought Yorkshire club are only two points adrift of Portsmouth, Rovers and City.
Should they escape, as the pedigree of their squad suggests they might, the relegation of Portsmouth, last season's division one champions, would confirm the fears of those who believe it is almost impossible to survive in the top flight following promotion.
FINE LINE
Leicester manager Micky Adams believes so and this week he issued a warning to those clubs, led by Norwich City and West Bromwich Albion, vying for promotion from division one this season.
"The fact is they will go straight back down because of finance," Adams said.
While relegated clubs can expect to lose in excess of 15 million pounds ($27.71 million) in revenue, those qualifying for the Champions League will be counting the euros by the sackful.
Consequently Liverpool (49 points), Newcastle (49), Aston Villa (48), Charlton Athletic (47), Birmingham (46), Middlesbrough (45) and Fulham (44) are all still greedily eying fourth place and the Champions League qualifying round spot it secures.
Six of the seven face each other this weekend, with Fulham's trip to Liverpool and Villa's home clash with UEFA Cup semi-finalists Newcastle the pick of the games.
The dividing line between success and failure is finer than ever, though, and it would no great surprise if Charlton, Fulham, Birmingham, Middlesbrough or even Villa were fighting relegation next season.
