Wolves could face a trip to Italy to play Torino in the Europa League play-off round, should the Premier League club progress against Armenian side Pyunik.
The Midlands team begin their third qualifying round tie against Pyunik in Yerevan on Thursday, after beating Crusaders of Northern Ireland in the previous round.
Wolves are competing in Europe for the first time in 39 years, but received a tough draw for the final play-off round of qualifying with a tie against either Torino or Shakhtyor Soligors of Belarus, should they progress.
The Italian side, managed by former Inter Milan and Watford boss Walter Mazzarri, will be a much trickier test for Wolves, who are looking to make it into the group stages of Europe's second biggest club competition.
Elsewhere, Rangers will be looking to progress to the Europa League group stage for the second consecutive season. Should they knock out FC Midtjylland, they will face a trip to either Legia Warsaw of Poland or Atromitos of Greece.
The other Scottish side left in qualifying, Aberdeen, would play either AEK Larnaca or Gent if the Dons prevail against Croatian side HNK Rijeka in the third round of qualifying.
Northern Irish side Linfield will face either Apoel or Qarabag should they progress, while Welsh outfit The New Saints will play Maribor or Rosenborg if they overcome the tough test of Russia's Ludogorets.
Although Celtic are still in Champions League qualifying, if they were to lose their next tie against CFR Cluj, they would drop into the Europa League play-off round to face either Sheriff Tiraspol or AIK.
All Europa League play-off round ties will be played on August 22 and 29, and the confirmation of who will feature will come after the climax of the third qualifying round on August 15.
Selected Europa League play-off round fixtures
Torino or Shakhtyor Soligors vs FC Pyunik or Wolverhampton Wanderers
CFR Cluj or Celtic vs Sheriff Tiraspol or AIK
Legia Warsaw or Atromitos vs FC Midtjylland or Rangers
AEK Larnaca or Gent vs HNK Rijeka or Aberdeen
Ludogorets or The New Saints vs Maribor or Rosenborg
FK Sutjeska or Linfield vs Apoel or Qarabag