Henrikh Mkhitaryan rescued a point for us with a late equaliser on a frustrating afternoon at Emirates Stadium.
Straight from the off, Wolves made life difficult for us as they stayed compact behind the ball when out of possession and attacked with pace when they did turn it over.
It was from one of these counters that they took the lead, as Ivan Cavaleiro pounced on a loose Granit Xhaka ball, exchanged passes with Raul Jiminez and slotted in at the near post.
It was a blow, but instantly the Emirates Stadium crowd responded to vociferously lift the team and we soon went close through Alex Lacazette.
But Wolves remained a major threat, and Bernd Leno was called into action to make a terrific double save to firstly deny Helder Costa and then Jiminez on the follow up.
It was brave goalkeeping from the Germany international, and he was soon forced into another important save, this time to palm a Costa shot around the post.
Hector Bellerin saw a goalbound effort blocked before the interval, but Unai Emery had seen enough and changed formation at the break and also sent on Matteo Guendouzi.
We posed more threat now and, after pinning the visitors back in their own half for long periods, Lucas Torreira went close to getting us back in it with a long-range strike that was tipped over.
We continued to apply the pressure, but with Wolves keeping their shape resolutely, we struggled to fashion clear chances, although Bellerin fizzed one first-time shot just over.
Aubameyang was next to go close, hitting the post after good work from Torreira and Bellerin before Emery made his last roll of the dice and brought on Aaron Ramsey and Henrikh Mkhitaryan.
Wolves may have been pinned back, but they had the pace to cause big problems on the counter and Leno had to make another important save to deny Diego Jota after a swift breakaway.
But with just three minutes remaining, Mkhitaryan equalised as he swung in a ball from the left and it evaded everyone’s head and nestled in the far corner, to the relief of the home fans.
Would we have time to find a winner now? Well, we still had to be wary of the visitors and Leno made a superb save in injury time to deny Adama Traore on the counter, while Morgan Gibbs-White hit the bar with a stinging shot in the final seconds.
Despite this late drama, there was no time for either side to find a winner and a frustrating afternoon ended with the points shared.
HOW IT HAPPENED
See how the match unfolded and get all the standout stats in our play-by-play commentary
WHAT IT MEANS
We now head into the international break, with our next fixture not due until Sunday, November 25 when we travel to the Vitality Stadium to take on Bournemouth.
We have only played their three times in our history, winning once, drawing once and the losing in the corresponding fixture last season.
Copyright 2020 The Arsenal Football Club plc. Permission to use quotations from this article is granted subject to appropriate credit being given to www.arsenal.com as the source.