The Claregate pub in Codsall Road is under threat of demolition after it emerged owner's Marston's had organised a consultation over the future of the site.
Brewery bosses want to sell the land to a firm of developers, just two years after they pledged to give the pub a revamp as part of a deal to sell off its car park to Tesco.
The pub was built in 1935 and has been a focal point of the community for decades having previously operated as The Fieldhouse. It was regularly used by Mr Wright when he was in digs in nearby Burland Avenue.
In a bid to preserve its future, Robin Hewitt, who lives near the pub, has launched the Save Our Claregate campaign.
"We will be doing everything we can to try and stop this from happening," said Mr Hewitt, who has been a regular at the pub for 15 years.
"The Claregate is a popular pub which actually turns a profit. Added to that you have a pub that is steeped in history. It is far more valuable to the community than any possible new development. Selling it off makes no absolutely no sense at all."
The group has set up a Facebook page which has more than 1,200 members, while an online petition has received around 500 signatures.
They have also submitted an application to Wolverhampton City Council to register the pub as an asset of community value, which would block any development for at least six months.
The prospective buyer for the land has not yet been revealed, although the proposals are set to be unveiled at a public consultation held at Christ the King Church, Pendeford Avenue, on June 10, from 12pm to 2pm.
"The timing of the consultation has angered a lot of people," added Mr Hewitt.
"Attending a daytime, weekday meeting will cause disruption to a lot of residents' lives."
The campaign is backed by the Tettenhall District Community Council, who vowed to try and protect the area's historical buildings as part of the Local Neighbourhood Plan.
In 2013 Tesco built an Express store on the pub's car park despite two petitions and several hundred objections against the scheme.
At the time Marston's vowed to give the pub a revamp as part of the deal.
To sign the petition visit www.ipetitions.com/petition/save-our-claregate