Matheus Cunha put transfer talk behind him with a goal and two assists to fire Wolves to a sixth consecutive victory – their best run since 1970.
The Brazilian, heavily linked to a £62million summer move to Manchester United, had already gone close three times before a neat exchange with Rayan Ait-Nouri saw him convert late in the first half.
He then set up further goals for Jorgen Strand Larsen and Rodrigo Gomes in the second half as the home fans sang rude songs about his likely destination, United.
But while Wolves are flying under Vitor Pereira, it was a 17th defeat in 19 matches for already-relegated Leicester whose manager Ruud van Nistelrooy made a triple change at half-time and lost Bobby De Cordova-Reid to injury.