The Wolves Foundation's Molinuex Sleepout saw hundreds of supporters spend 12 hours at the stadium sleeping outdoors to raise as much as possible.
This year's event has netted £39,259 so far – with donations continuing to pour in – which will be split amongst the foundation and the Good Shepherd.
It is hoped the target of £50,000 will be reached with donations staying open until the end of the year plus other funding which will be added to the large pot.
It comes as part of the annual push to tackle food poverty and homelessness, two issues which have been further exacerbated by the cost of living crisis.
This year's sleep-out was held on November 18 and featured young people for the first time. Anyone over 13 was allowed to sign up, but those under 18 had to be accompanied by an adult.
Over the three previous sleep-outs – two conducted at Molineux and one ‘virtually’ – approximately £115,000 has been raised. All funds have been ploughed directly into projects run by the Wolves Foundation and the Good Shepherd.
Will Clowes, head of the Wolves Foundation, said: "It was another really inspiring evening, particularly to see so many people from across the community coming together to support those who are in need of help during these challenging times.
“The Molineux Sleepout has become a really important part of our calendar, both to raise awareness of the wide range of work which the two charities carry out in Wolverhampton, and also vital funding to deliver those projects.
“We are hugely appreciative to everyone who took part and braved the elements, the local dignitaries, charity ambassadors and all who gave their time to help bring the event to a wider audience, and everyone who has made a donation which will have such a positive effect on the people of the city.
“The funds raised will ensure that we as a foundation will be able to deliver some extra work for those in need this winter.”
Wolves Foundation ambassadors, such as former Wolves Captain Karl Henry, BBC presenter Mark Rhodes, and Sky broadcaster Johnny Phillips attended, as well as Good Shepherd ambassadors including Wolves goalkeeper Carl Ikeme.
Tom Hayden, CEO of Good Shepherd, said: "We all want to say a massive thank you to the foundation and Wolves for once again involving us in the Molineux Sleepout, as well as all those who took part or made a donation.
"Wolverhampton, like many cities at the moment, continues to have its challenges, but what is never in doubt is how its people are always so ready to come together to support the most disadvantaged within our communities.
"The sum of money raised is absolutely fantastic and will help the Good Shepherd continue to deliver our programme of food and support services to help former rough sleepers and those who are vulnerable across the city."
And supporters who lived away from Wolverhampton were asked to get involved by getting sponsorship and sending videos of themselves sleeping out.
To donate, visit justgiving.com/campaign/MolineuxSleepout2022