The home side romped to the title in the Championship last season under the guidance of manager Nuno Santo and they are expected to kick on once again after investing in some top talent this summer.
Everton have a new manager in the shape of Marco Silva and there are hopes that they can break into the top six this season after falling very short last season.
It promises to be an interesting clash and here are four key battles that could very well decide the tie.
4. Raul Jimenez vs Michael Keane
Raul Jimenez was brought in on loan from Benfica this summer to bolster Wolves' striking options and he is expected to lead the line on Saturday, especially after scoring in a friendly victory against Villarreal.
He's an imposing striker but has never been prolific and he'll have to hit the ground running if he is to convince Wolves supporters that he should be the club's first choice striker.
He'll be coming up against Everton centre back Michael Keane, who has a lot to prove this season. A hugely impressive season for Burnley in 2016/17 led to his big money move last summer.
However, he has been far from convincing thus far and his poor form cost him a spot in the World Cup squad for England. He'll certainly have his hands full on Saturday.
3. Ruben Neves vs Idrissa Gueye
Ruben Neves proved that he was far and away the best player in the Championship last season and the midfielder has elected to remain with Wolves this season.
He tends to operate in a deep lying midfield position and looks to get on the ball as frequently as possible to dictate the tempo of matches. He also has an eye for the spectacular and he has already scored some magnificent goals during his time at Molineux.
Idrissa Gueye was one of the few players whose reputation remained in tact for Everton during last season's poor campaign and he rarely put a foot wrong in the centre of the park.
His job is to break up opposition possession effectively and quickly and if Everton are to get anything from the match then it will be imperative that he nullifies the threat of Neves.
2. Ivan Cavaleiro vs Lucas Digne
Ivan Cavaleiro has now spent two seasons with Wolves and is slowly getting better and better, and his form last season was outstanding.
He will most likely be coming up against new signing Lucas Digne, who recently joined the Toffees from Barcelona. He will be getting thrown into the deep end and won't have an easy time of it against Cavaleiro.
1. Matt Doherty vs Richarlison
Matt Doherty isn't one of the most recognisable names in the Wolves squad, but he played a crucial part in their title winning season, featuring in all but three of their league matches last season.
He was solid defensively and even managed to grab himself four goals and four assists in the league.
However, he will be doing more defending than attacking when he lines up against Richarlison. The Brazilian was signed for an extortionate amount of money this summer and there is a lot of pressure on his shoulders to perform this season.
Whilst playing under Marco Silva at Watford during the first half of the 2017/18 season, the 21-year-old scored five goals and notched five assists and frightened the life out of defences everywhere. There is an expectation that he will return to those heady heights now he has been reunited with his former manager.