The decision means defender Deslandes is tied to Wolves until 2019, while winger Graham’s deal now runs through to the summer of 2020.
Both featured only fleetingly as Wolves marched to the Championship title, with neither registering an appearance in the league since September.
But the club have opted to extend their deals, in part to protect any sale value.
Graham has made only made three league outings since signing his last contract back in February 2016, spending more than a year out after undergoing surgery on a torn cruciate ligament.
The 23-year-old Villa academy product’s last Championship appearance was in Wolves’ 1-0 win over Middlesbrough on the opening day of the season.
He joined Fulham on loan last August, but failed to make a league start for the Cottagers before returning to Molineux in January.
Deslandes made his only Championship appearance of the season in a 2-1 win over Nottingham Forest back in September, before spending the second half of the campaign on loan with Portsmouth in League One.
Wolves yesterday published their retained list and confirmed plans to release 13 fringe players, along with several scholars. The most high-profile departure will be under-23 goalkeeper Jonathan Flatt.
The 23-year-old made only one Checkatrade Trophy appearance during his time at Wolves.
Wolves sporting director Kevin Thelwell said: “A lot of difficult decisions need to be made at this time of year. The fact that we’re releasing these players is no reflection on them as there are some really good footballers there.
“We’d like to wish them all the very best for the future and we’re going to all we can to try and help them find success in football or in sport moving forward.”