The girl was walking home from school on Monday afternoon when she was approached by a man on a path between Deans Road and Neachells Lane, near St Matthias School, West Midlands Police said.
The man, believed to be an Asian man in his 30s who was carrying a can of Strongbow, failed in his bid as a passing woman intervened.
Police have now issued a description of the man and appealed for the woman and any potential witnesses to come forward.
Interactive map of the area:
A spokesman for the force said: "Officers investigating a suspected attempted abduction on Deans Road in Wolverhampton are appealing for any witnesses to come forward.
"On Monday, November 18, at around 3.30pm, an 11-year-old girl who was on her way home from school was approached by a man on the pathway leading to Neachells Lane.
"The man is described as Asian, aged between 36 to 40 years, of a medium build and around 5ft 7ins tall.
"He was wearing a blue cap over dark hair, a plain black zip-up top with matching trousers and was carrying a can of Strongbow cider.
"We are keen to hear from a woman who intervened and is described as white, wearing a red dress and has long blonde hair with green eyes.
"Patrols have been stepped up in the area to offer reassurance to the community."
Anyone with information is asked to call West Midlands Police on 101, quoting incident number 20WV/272861U/19.
Alternatively, contact Crimestoppers anonymously on 0800 555111 or at crimestoppers-uk.org.