Joint founder Jack Brodie, record-breaking goalscorer Dennis Westcott, fans’ favourite from the 1970s Frank Munro and loyal servant Andy Thompson were all officially announced during a ceremony at Molineux.
The inductions formed part of the annual Wolves Former Players’ Association (WFPA) dinner, held in the Billy Wright stand.
The association's theme this year was 'Friendly Foes' with Albion goalscoring hero Tony Brown, ex-Blues and Forest European Cup-winning defender Kenny Burns and former Villa legend Tony Morley braving the Wolves den to relive their memories of facing Wolves and of Midlands football during the 1970s and 80s during a light-hearted evening of anecdotes and stories, hosted by Johnny Phillips of Sky Sports.
Former players Ron Flowers, John Richards, Kenny Hibbitt, Mike Bailey, Mel Eves, Steve Daley, Willie Carr, Geoff Palmer, Matt Murray and Jody Craddock were among those who attended the evening, as was Wolves chairman Jeff Shi.
Peter Creed, who founded the WFPA in the late 1980s, was announced as honorary life vice-president of the WFPA. Organiser Richard Green thanked Shi for attending and Wolves for their support of the event.
Thompson, the only surviving member of the quartet, was at the ceremony with his family, as were Dennis Wescott’s sons Peter and Paul and Frank Munro’s son Grant, while Wolves director John Gough received Jack Brodie’s award as an appeal to find his surviving relatives was unsuccessful.
Thompson and representatives of the other inductees took to the stage to be presented with a special football history book, and said a few words to the packed room.
Paul Wescott said: "Dad was taken from us far too young, aged 43.
"Tonight's been absolutely fantastic and it's a great honour to be here. We've got loads of memories and tonight is very special, thank you."
Grant Munro said: "Seeing all his team mates tonight is pretty emotional.
"The fans loved him. He was a good player and in a great team. He was never a man for accolades but I'm sure he'd have been very proud of this."
John McAlle presented Grant with his book.
Matt Murray presented Thompson with his award. The former defender told the crowd: "My heart was always in the club.
"The fans were always good to me. They like people who give 100 per cent and I was one of those.
"I was fortunate to be here as long as I was."
Thompson picked out the Sherpa Van Trophy success of 1988 as the highlight of his Wolves career.
The Wolves Hall Of Fame opens its doors every two years, with the foursome joining the likes of Billy Wright, Stan Cullis and Steve Bull.
Always a reminder of club's illustrious history and what it means to so many people. A great Former Players Association/Hall of Fame dinner.— Wolves (@Wolves) June 28, 2017
Brodie founded Wolves in 1877 along with John Baynton and would captain both Wolves and England.
Wescott scored 124 goals in just 144 Wolves appearances and his tally of 38 league goals in 1946/47 remains a club record.
Scottish international defender Munro was a cornerstone of Wolves’ 1970s successes, while Thompson was a mainstay of the team for 11 years and helped rejuvenate the club after its 1980s fall from grace.
A committee which included the Express & Star’s Tim Spiers met recently to tackle the unenviable task of deciding who should be added to the illustrious list of former players, teams and managers.
Players: Bert Williams, Malcolm Finlayson, Derek Parkin, Bill Slater, Billy Wright, John McAlle, Jackery Jones, Ron Flowers, Mike Bailey, Kenny Hibbitt, Dave Wagstaffe, Jimmy Mullen, Johnny Hancocks, Billy Harrison, Roy Swinbourne, Peter Broadbent, Derek Dougan, John Richards, Andy Mutch, Steve Bull.
Managers/owners: Stan Cullis, Graham Turner, Major Frank Buckley, Sir Jack Hayward.
Teams: Victory over Honved, the 2003 play-off final team.