The Gunners have already confirmed captain Cesc Fabregas will miss the rest of the season with a broken leg.
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Andrey Arshavin and William Gallas (both calf) also picked up injuries during the midweek 2-2 Champions League quarter-final first leg against Barcelona and will be out for around three weeks.
Veterans Mikael Silvestre and Sol Campbell are in contention, while Thomas Vermaelen is available after serving a one--match domestic ban.
England forward Theo Walcott is pressing to start after making an impact from the bench against Barcelona.
"At the moment, we are like an army who have come back from a big battle," said manager Arsene Wenger.
"We have some bruises, but we need to recover and then go to the next battle."
Wolves are set to be without striker Sylvan Ebanks-Blake, who has been laid low by a virus.
He is set to be replaced among the substitutes by Sam Vokes.
Manager Mick McCarthy is poised to retain the starting XI which began last weekend's goalless draw against Everton.
"We aren't going down there with any other thoughts than we want to stop them beating us," said McCarthy.
"I am pleased with the way we have been playing but nobody outside me, my team and the staff is expecting us to get anything at Arsenal.
"I want to go there and get something. I have got no interest in going there and just looking at the ground.
"We know Arsenal are one of the three teams that could win the league this season so it will be a hard game for us.
"But we have given hope to ourselves because of the way that we have been playing and I always travel full of hope, optimism and belief that we can get something."
Source: DSG
