Leicester, who started the year with three wins to boost their title challenge, have now won only once in their last four games and stayed third in the standings with 43 points.
Wolves, who have won once in their last 10 matches, remained 14th on 27 points but manager Nuno Espirito Santo saw positives.
"It was a good performance. It was a tough game against a good team, we had chances," Nuno told Sky Sports.
"We're trying to stabilise the team so we can progress. We have a lot of players out, trying to be compact... I'm proud of the way they committed to playing a good team in possession."
Pedro Neto was busy on the left flank for Wolves in the first half, twice skipping past two defenders with ease before making the final pass, but neither opportunity was taken.
In-form James Maddison had Leicester's only two shots on target in the first half but his shots from distance were saved.
Wolves started the second half brightly with Adama Traore using his pace on the flanks, earning bookings for Caglar Soyuncu and Maddison making attempts to stop counter-attacks.
Wolves nearly took the lead from a corner when Ruben Neves' blocked shot fell to Fabio Silva, whose side-footed shot was deflected wide by Kasper Schmeichel's foot as the goalkeeper scrambled to deny the Portuguese forward.
"Fabio must do better. He's young and very talented but that moment requires a better finish. Tomorrow we will work on that," Nuno added.
Jamie Vardy made his return after a hernia operation when he was introduced for the last half hour and the substitution nearly yielded a goal for Leicester in stoppage-time but the striker's header went wide.