Matt Jarvis's first goal in a Wolves shirt earned the home side a point after they had taken a first-half battering against Leicester. Iain Hume put the Foxes ahead after just four minutes with a stunning free-kick curled into the top corner.
Substitute Andy Keogh set up the equaliser when he broke clear on the left and cut the ball back into the path of Jarvis, to slide the ball home.
Keogh also netted himself but it was ruled out as Jay Bothroyd was offside.
Wolves boss Mick McCarthy:
"It is difficult when we conceded after four minutes - it was always going to be nervy after that happened.
"Overall, I was delighted with the response of the players, especially second half.
"I was delighted when Matt Jarvis got a goal - that will do his confidence no
end of good and I was delighted with the response of Freddy Eastwood and Andy Keogh coming off the bench."
Leicester boss Ian Holloway:
"We needed that second goal - we didn't get it.
"I know what I need to do in the transfer window. I need some wide men who can cross it - I need some centre-forwards who can score and that will help out everyone there. It is so simple it's a joke.
"Wages for good players in this division don't scare me any more. I will be busy, busy, busy and get some quality players from all around the
world who want to play for Leicester."
Wolverhampton: Hennessey, Foley, Collins, Darren Ward, Gray (Stephen Ward 84), Gibson (Keogh 70), Olofinjana, Henry, Jarvis, Elliott (Eastwood 46), Bothroyd.
Subs Not Used: Ikeme, Edwards.
Goals: Jarvis 73.
Leicester: Fulop, Stearman, Kisnorbo, McAuley, Mattock, James Chambers (Kenton 84), N'Gotty, Clemence, Fryatt (Hayes 84), John, Hume.
Subs Not Used: Henderson, Sheehan, King.
Booked: James Chambers.
Goals: Hume 4.
Att: 23,477
Ref: Neil Swarbrick (Lancashire).
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