The North London club can jump above Manchester City to the top of the rankings should they return to winning ways and end a two-match losing sequence against Gary O'Neil's men at Molineux.
Arsenal return to domestic duty on the back of suffering Champions League heartbreak at the hands of Bayern Munich in the quarter-finals, but eight starters from the Allianz Arena have held their spots.
However, winger Gabriel Martinelli is one of three names to have been axed from the XI, a list which also includes midfielder Jorginho and full-back Takehiro Tomiyasu, who has picked up a knock.
With Jorginho making way, Kai Havertz will seemingly rejoin Declan Rice and Martin Odegaard in the midfield trident, while Gabriel Jesus and Leandro Trossard have been brought back into the attack.
Despite incessant calls for Bukayo Saka to be rested after an uninspiring display against Bayern, Arteta has persisted with the 22-year-old on the right, as Reiss Nelson and Fabio Vieira warm the bench again.
Tomiyasu held his own on the left-hand side against Bayern and could have feasibly been moved over to the right over Ben White, but the Englishman is also retained alongside defensive mainstays William Saliba and Gabriel Magalhaes thanks to the Japanese's precautionary absence.
Due to Kiwior's inclusion at left-back and Tomiyasu's fresh injury, Arsenal have no centre-backs on the bench, although Arteta will not get much sympathy on the selection front from opposite number O'Neil.
The hosts have made four alterations to the side that drew with Nottingham Forest last week, one of which sees Tawanda Chirewa make his first start in place of the injured Matheus Cunha.
The 20-year-old will be partnered by Hwang Hee-chan, whom O'Neil claimed would only be able to play 45 minutes of the tie at best, as Pablo Sarabia also makes way.
Elsewhere, Rayan Ait-Nouri is fit enough for the bench, but due to Nelson Semedo's fresh fitness blow, Hugo Bueno is drafted in on the left-hand side as Matt Doherty bombs down the right.
Finally, Boubacar Traore is given the nod in midfield over Mario Lemina, and 15-year-old defender Wesley Okoduwa is among the Wolves substitutes too.
Wolverhampton Wanderers: Sa; S. Bueno, Kilman, Toti; Doherty, Gomes, Traore, Doyle, H. Bueno; Chirewa, Hwang
Subs: Bentley, Ait-Nouri, Lemina, Sarabia, Holman, Barnett, Ojinnaka, Okoduwa, Fraser
Arsenal: Raya; White, Saliba, Gabriel, Kiwior; Odegaard, Rice, Havertz; Saka, Trossard, Jesus
Subs: Ramsdale, Zinchenko, Jorginho, Partey, Vieira, Smith Rowe, Martinelli, Nelson, Nketiah