The Foxes needed a win to have any chance of leap-frogging Nuno Espirito Santo's side on the final day of the season this coming Sunday.
But skipper Vincent Kompany settled it with a scorcher for City, who will hope Wolves can do them a favour and get something at Liverpool as Pep Guardiola's charges aim to retain the title in what seems set to be a pulsating finish to the campaign.
European football is not set in stone for Wolves though.
They need City to beat Watford in the FA Cup final later this month to get a Europa League opportunity, consisting of three two-legged qualifiers to get to the group stages of the competition.
Wolves last played in Europe in the 1980/81 campaign. The UEFA Cup had a knockout format back then, and they were knocked out in the first round by Dutch team PSV Eindhoven.