Jesse Pye (2) and Sammy Smyth scored Wolves' goals, with Mal Griffiths replying for Leicester.
Wolves started determinedly and took a 13th-minute lead when Jesse Pye, who had been preferred to Dennis Wilshaw, stooped to head in an inch-perfect Hancocks cross.
Leicester kept Wolves at bay until almost half-time, when Pye collected the ball in the penalty area with his back to goal, after the Foxes had struggled to clear a corner, and turned to slam it home for his second.
Leicester brought the game to life immediately after the interval courtesy of Mal Griffiths, who flicked the ball home after Williams parried Chisholm's initial effort.
Goalkeeper Ian McGraw was unable to play due to a broken finger, while Don Revie had suffered a nose injury.