Leicester boss Micky Adams might have done his best to mask his disappointment, but he must have gone into the game knowing it represented his side's best chance of ending a winless streak going back to the victory at Portsmouth last November.
But the Foxes failed to exploit their territorial domination meaning there was little danger of a repeat of the goal feast when the sides met at Molineux earlier in the season.
This was surprising considering that the sides have so far this season shipped a combined total of 103 Premiership goals.
City were boosted by the return of midfield inspiration Muzzy Izzet who had been absent for seven weeks with a calf injury.
Top scorer Les Ferdinand was on the bench with Marcus Bent partnering Paul Dickov in attack.
With Ben Thatcher suspended, Matt Heath was drafted into the centre of City's defence alongside Nikos Dabizas.
Denis Irwin returned at right back for Wolves after recovering from a hip injury but Nathan Blake was again absent with a neck problem.
Most pundits were of the opinion that this was a game neither side could afford to lose if they were to have any chance of avoiding an instant return to the Nationwide League.
But while City were without a win in their last 14 games, they could draw comfort from the fact Wolves had not won at Leicester since 1971 and had failed to win on their Premiership travels this season.
Jody Craddock came to Wolves' rescue as early as the second minute to nick the ball away from Bent as the striker threatened to break away for a clear run on goal.
City dominated the opening exchanges but significantly failed to force Paul Jones into a save worthy of the name.
The first shot on target came on 15 minutes but Steffen Freund's long-range effort lacked the venom to trouble Jones.
Then Dickov cut inside to try his luck from 20 yards but again the keeper was able to make a comfortable save.
Wolves had to wait until the 31st minute to muster their first threat with Mark Kennedy's 30-yard drive drifting wide of the goal.
The West Midlanders won their first corner on 28 minutes which resulted in Paul Ince's downward header bouncing into Ian Walker's arms.
City went close to breaking the deadlock on 33 minutes when Dickov's near post header from Steve Guppy's cross beat the keeper but Lee Naylor was well-placed to hook the ball off the line.
Then five minutes before the break Walker came to Leicester's rescue with a wonderful save.
Kenny Miller's header from Kennedy's cross seemed destined for the top corner until the keeper intervened, twisting in mid-air to palm the ball clear from under the bar.
City hit back with Guppy at full stretch to turn Riccardo Scimeca's deep cross against an upright.
Towards the end of the half Dickov and Alex Rae were involved in an angry exchange from which the Leicester striker emerged with a cut to his forehead.
Dickov created an opening for City on 54 minutes when he crossed to the far post which Guppy headed wide.
Bent then aimed a low ball to the near post which Dickov fired over while under pressure from Craddock.
A cross from Guppy had alarm bells ringing for Wolves when it drifted just wide of the angle with Jones nowhere near it.
James Scowcroft was withdrawn after 68 minutes to be replaced by Ferdinand who had been confined to the bench by a troublesome knee injury.
And on 80 minutes City thought they had finally found a way through the resolute Wolves defence when Guppy whipped in a cross from the left for Ferdinand to head powerfully towards goal.
However, Jones showed lightning reflexes to keep his side in the game with a full-stretch fingertip save.
Close to the end there were robust appeals for a penalty after Ince appeared to barge into Dickov, but with precious little going City's way in a game in which chances were at a premium, it was perhaps inevitable that referee Geoff Winter should wave them aside.
Afterwards Adams allowed coach Steve Cotterill to address the media.
He said: "I thought the players gave everything and we could have nicked the game near the end but for a great save by their keeper.
"It was very tight with both defences and the keepers playing very well.
"I thought very highly of Ian Walker today, he pulled off a great save. A clean sheet was very pleasing after last week's result at Totenham."
Wolves manager Dave Jones said: "The biggest thing for us was not to lose. We did that although I have to admit it was not the prettiest of games.
"The defences were on top with both keepers making a couple of great saves.
"We knew what Micky's side would do and we had worked all week at defending balls into the box and just getting a head onto them. We stood firm and did the job.
"It feels good to be out of the bottom three but I don't think we did enough to win this game so a draw was a justified result."
Man of the match: Muzzy Izzet - In a game dominated by defences, the Turkish international showed great industry and inspiration after coming back from a two-month lay-off because of calf problems.