The game was supposed to take place last weekend but had to be postponed due to Wolves' involvement in the FA Cup.
In a post on their website and on their Twitter feed, Wanderers confirmed that the game will now take place on Wednesday 24th April and kick off at 7:45pm.
The match against Unai Emery's charges, who are chasing a Champions League place, will be Wolves’ second to last home game of the season, before Fulham visit Molineux in May.
Wolves also confirmed that the match will not be televised, something which irked a number of fans on Twitter:
Won’t be televised? Why? Are Arsenal scared of being embarrassed? I’ll be cheering for Wolves in the dark!— Studs Up (@StudsUpFootball) March 19, 2019
Why ever not?— NAG (@Kingwolf84) March 19, 2019
Why— The Game Changer (@TheGame37311199) March 19, 2019
Why— Samuel Hagan (@shaganpaz) March 19, 2019
Annoying!— Louise Hird (@lm_hird) March 19, 2019
Some other fans didn't seem too concerned, with one eagerly banging the drum as he called out a number of well-known Gunners supporters:
Happy with that.— Singhwhenyourewinning (@pedalsingh) March 19, 2019
On my birthday!— karen (@heighwaykaren) March 19, 2019
Thought it had to be that week, on the Wednesday then— MARK WALLER (@MarrrrcoVW) March 19, 2019
Wolves are currently seventh in the Premier League table on 44 points and will also be contesting an FA Cup semi-final against Watford in April, while Arsenal are fourth on 60 points, just one behind bitter rivals Tottenham Hotspur.
The Gunners - whose home game against Wolves in November ended in a 1-1 draw - will also be in Europa League action in April, having reached the quarter-finals thanks to a superb comeback against French side Rennes, and will face Serie A side Napoli in the last eight.