Nuno Espirito Santo's pack will head to the sixth-tier side on the weekend of January 23 – 35 years on from Wolves losing 3-0 to them in the competition.
Many fans consider that first-round defeat at Bolton's old Burnden Park in 1986, in a second replay after two 1-1 draws, as the darkest day in the club's history.
They will now look to right that wrong and go into this tie as the overwhelming favourites.
Wolves are currently 13th in the Premier League and beat Crystal Palace 1-0 in the Cup's third round last Friday.
Chorley, of the National League North, have already beaten three Football League sides in the competition though – Wigan 3-2, Peterborough 2-1 and a youthful Derby 2-0 after their Covid-19 outbreak.
They also beat both Gateshead and York in the qualifying rounds.
If Nuno's lot get past the non-league outfit as expected this time around, they will face one of Southampton, Shrewsbury or Arsenal in the fifth round on the weekend of February 10.