After dramatically beating Exeter City on penalties in the previous round, Scott Sellars' side now face the league leaders of Premier League 2, Division 1.
Wolves head into the game on the back of a 2-1 local derby win over West Bromwich Albion on Good Friday.
This evening's opponents progressed through to the quarter finals with a comprehensive 4-0 victory over Southampton last month.
If you can't make the game this evening, the clash will be shown live and for free on Leicester City's website, LCFC.com.
To sign up, you can sign up here.
Wolves Squad: Burgoyne, Flatt, Rasmussen, Breslin, Goodliffe, Leak, Odoffin, Watt, Levingston, Heredia, Samuels, Otasowie, Ashley-Seal, Ennis, Graham, Xavier, Hanne, Reymao.