The tie will be played in the week commencing Monday, August 7th.
Although the two clubs have faced each other in friendly opposition, this will be the first ever competitive meeting.
Yeovil, managed by Darren Way, finished 20th in Sky Bet League Two last season.
Wolves were one of the seeded Southern terms for the regionalised draw, with those seedings decided by finishing positions in last season’s EFL.
Ticket details for the fixture will be announced when finalised.