While Foden and Ruben Dias were both missing through illness for last weekend's 2-0 win at Nottingham Forest, goalkeeper Ederson was forced off at half time following a collision with Forest defender Willy Boly.
However, all three players have returned to City's matchday squad, with Foden among three changes made by Pep Guardiola to the side that beat Forest.
Ederson is fit to retain his spot between the sticks ahead of Stefan Ortega, while Dias is among the substitutes as a back four of Kyle Walker, Manuel Akanji, Nathan Ake and Josko Gvardiol remains intact.
Mateo Kovacic has been recalled to start alongside Rodri in centre-midfield, while Erling Haaland - who marked his return from injury with a goal off the bench against Forest - returns to lead the line, supported in attack by Foden, Bernardo Silva and Kevin De Bruyne; Jack Grealish, Jeremy Doku and Julian Alvarez all drop to the bench.
As for Wolves, Gary O'Neil - who will serve a one-game touchline ban following his conduct against West Ham United last month - has made just the one change to the side that beat Luton Town 2-1 last weekend.
Hugo Bueno is handed a start at the expense of Matt Doherty and the 21-year-old is expected to start at left wing-back, with Rayan Ait-Nouri set to move over to the opposite flank.
Nelson Semedo, Max Kilman and Toti Gomes will continue in a three-man backline, protecting goalkeeper Jose Sa, while a midfield triumvirate of Mario Lemina, Joao Gomes and Boubacar Traore remains intact.
Hwang Hee-chan and Matheus Cunha, who have both scored a team-high 11 goals this term, will start together in attack. Meanwhile, Santiago Bueno and Jean-Ricner Bellegarde have both recovered from injury to make the substitutes' bench, but Pedro Neto is absent from the matchday squad.
Manchester City: Ederson; Walker, Akanji, Ake, Gvardiol; Rodri, Kovacic; Bernardo, De Bruyne, Foden; Haaland
Subs: Ortega, Dias, Stones, Grealish, Doku, Alvarez, Gomez, Nunes, Lewis
Wolverhampton Wanderers: Sa; Semedo, Kilman, Toti; Ait-Nouri, Traore, Lemina, Gomes, H. Bueno; Hwang, Cunha
Subs: Bentley, Doherty, S. Bueno, Sarabia, Bellegarde, Gonzalez, Okoduwa, Chirewa, Fraser