The match will be staged on either July 26 or 27, three days after the Scottish Premier League season gets under way.
The date will be confirmed once Rangers' Champions League fixtures are known when the draw is made on July 15. Police will not allow Celtic and Rangers to play at home on the same evening.
Wolves boss Mick McCarthy spent two years with the Hoops as a player in the late 1980s and he said: "I've never taken a team back there. I had two happy years at Celtic and it will be a good test for us."