Two members of the Molineux development squad are off on loan to Skrill Conference clubs until the end of the season.
Bradley Reid, who joined Wolves from Wrexham in September 2013, is to return to the Racecourse Ground.
With the Wolves under 21s having just three games left to complete their season, going back to his former club gives the striker the chance of first team football in the seven games that remain for the Welsh side – fixtures which include a derby with local rivals Chester City.
Meanwhile, Academy graduate Cranston is to join a Nuneaton team that is currently lying in the play-off zone of the Conference table.
The defender has featured in all but four of Wolves’ under 21s League and Cup fixtures this season.
Luton Town are favourites for a return to League Two as they hold a 14 point advantage at the top. But competition for the four play-off spots is fierce and there is the carrot of a trip to Wembley for the winning semi-finalists.
Nuneaton are currently fourth in the table and, like Wrexham, they have seven League games remaining before their regular season comes to a close.