Manchester City 4 (K. Toure 40,Tevez 49, 66, Y. Toure 54)
Wolves 3 (Milijaš 12, Doyle-pen 68, Zubar 86)
Somewhat fortunate to go into the interval on level terms, Manchester City cruised into a 4-1 lead after the break before goals from Kevin Doyle and Ronald Zubar left the Premier League big spenders hanging on to deny Wolves a share of the spoils.
Edin Dzeko, a £27 million midweek signing for the Eastlands side, made his debut for City who started the game with £110 million worth of signings on the bench.
After just 25 seconds Nenad Milijaš drilled a low shot narrowly wide before Stephen Hunt was penalised for a foul on Dzeko just outside the area. Carlos Tevez took the free-kick but his effort hit the wall and bounced out for a corner.
There was a chance for Matt Jarvis as he met a low cross from Doyle but he ball deflected behind off a defender.
In the 12th minute Wanderers moved into the lead after Jarvis's cross bounced off Kolo Toure into the path of Milijaš. He stabbed the ball towards goal and although Joe Hart managed to block, the Serb made no mistake with his second attempt (pictured).
The Jarvis and Milijaš combination almost worked again three minutes later but this time Hart was able to claim Milijaš's header.
Jarvis looked odds on for a second Wolves goal on 20 minutes after Hunt's clever flick released Steven Fletcher. The striker raced into the box and laid the ball back to Jarvis who was thwarted by Aleksandar Kolarov's superb block.
Pablo Zabaleta found himself in space of on the right wing but Richard Stearman was there to clear the dangerous cross that followed and then Wayne Hennessey saved with his legs from Adam Johnson who had cut into the box from the wing.
Tevez was inches away with a rising drive that was literally inches too high as it flew over the angle before City drew level in the 40th minute.
Johnson's corner was allowed to go through to Kolo Toure at the far post and although Hennessey looked as if he was going to block the ball, it hit Dave Jones and trickled over the line.
A minute before the break Kolarov let fly from 30-yards providing Hennessy with an uncomfortable moment before he managed to save at the expense of a corner.
Half-Time: City 1 Wolves 1
A brilliant goal from Tevez gave City the lead four minutes after the resumption. The Argentinean jinked his way between Christophe Berra and Hunt before cutting inside Stearman and netting with a low shot.
Former Molineux star Joleon Lescott was sent on in place of Kolo Toure shortly before the Sky Blues gave themselves some breathing space as they netted a third in the 54th minute.
Wolves were on the attack but Hart punched clear a Jarvis cross and the ball was played upfield to Dzeko for Yaya Toure to beat the advancing Hennessey.
Three minutes later, Zubar powered a header against the City crossbar after a Jarvis corner.
Johnson missed a good chance when he scuffed his shot following Zabeleta's centre, and a low drive from Dzeko was deflected just wide of the post.
Midway through the half Tevez scored his second and his team's fourth when he headed a Vincent Kompany cross home via the underside of the bar.
Almost immediately, Wolves pulled one back with Doyle sending Hart the wrong way fromthe spot after Lescott had pushed Fletcher over in the box.
Mick McCarthy then made two switches with Karl Henry and Steven Mouyokolo replacing Fletcher and Stephen Ward.
Wolves continued to push forward but they were nearly caught out when Yaya Toure broke away. With Berra in hot pursuit the City man shot for goal but Hennessey managed to get a touch that was enough to take the ball wide.
In the 86th minute, a corner from Geoffrey Mujangi Bia, who had come on in place of Jarvis, was headed in by Zubar with the linesman indicating the ball had crossed the line before Nigel De Jong had hooked it clear.
The home supporters groaned as the fourth official held up the board indicating five minutes of added time and they had to endure a couple of nervy moments before the end.
Milijaš almost broke through as he took a short pass from Doyle but he was dispossessed as he ran into the box. Then Mujangi Bia hit a goalbound shot that struck a defender and went behind for a corner.
With everyone up front for Wolves, James Milner almost exploited the gaping holes at the back as he broke clear with just Hennessey to beat. But Henry managed to get back to block in a nick of time.
City: Hart, Kompany, Zabaleta, Dzeko, Johnson (Jo 84), Kolarov, Barry, K. Toure (Lescott 51), Tevez (capt) (Milner 81), De Jong, Y. Toure.
Unused subs: Given, Boateng, Silva, Vieira.
Wolves: Hennessey, Zubar, Ward (Mouyokolo 69), Jones, Berra (capt), Stearman, Hunt, Milijaš, Doyle, Fletcher (Henry 69), Jarvis (Mujangi Bia 79).
Unused subs: Hahnemann, Vokes, Davis, Doherty.
Manchester United Academy Under 18s 4 Wolves 3 (Landell 2, Cranston)