The draw was made on Wednesday evening and ensured a first meeting between the two clubs since a Championship draw in February 2018.
Preston knocked Huddersfield Town out on Tuesday and the second round tie will take place week commencing 22nd August 2022 at Molineux.
Last season Wolves beat Nottingham Forest at this stage of the competition, before bowing out to Tottenham Hotspur in the third round on penalties.
Date and ticket information for the Preston tie will be confirmed in due course.