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The Gunners were due to host Bruno Lage's side at Emirates Stadium in a 12:30pm GMT kick-off on Tuesday afternoon (December 28).
However, that match has now been called off due to a mixture of coronavirus cases and injuries in the Wolves squad that has left them without the necessary resources to fulfil the game.
It is the second consecutive Wolves match to be postponed, with their home match against Watford one of three games off on Boxing Day due to rising Covid cases in the Hornets camp.
They have not played since a goalless draw with Chelsea at Molineux on December 19 that the visitors tried and failed to have shelved due to their own Covid issues.
Last weekend, six out of 10 scheduled top-flight games had to be postponed amid record numbers of coronavirus cases, while Leeds vs Aston Villa will also not take place on December 28.
However, a decision was made at a meeting of club executives last week to press on with the hectic festive fixture schedule as planned despite those soaring numbers and concern over player welfare, with decisions over postponements taken on a case-by-case basis.
Clubs have been advised that they should be prepared to play if they have 13 available players, including a goalkeeper.
Premier League managers and captains held separate Zoom calls with the Premier League over the issue on Thursday, with the likes of Tottenham boss Antonio Conte and Crystal Palace counterpart Patrick Vieira - who missed Sunday's 3-0 loss at Tottenham after a positive Covid test and a denied request on the Eagles' part for the game to be called off - among those to criticise the meetings.
Fourth-placed Arsenal are on a run of four Premier League wins in a row after demolishing lowly Norwich 5-0 at Carrow Road on Boxing Day, with their next fixture now coming in a lunchtime showdown against leaders Manchester City at the Emirates on New Year’s Day.
Wolves - who currently sit eighth in the table - are scheduled to visit Old Trafford to face Manchester United on the evening of January 3.