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.
It was a sad day for Jamie Vardy on his first appearance since announcing he would be leaving The Foxes, missing a penalty with the score at 2-0.
The first half was the Cunha show. He had a shot blocked by Wout Faes, curled wide and sent another shot into the stomach of goalkeeper Mads Hermansen.
Goals from Matheus Cunha, Jorgen Strand Larsen and Rodrigo Gomes gave Wolves all three points
Jamie Vardy missed a golden chance to get Leicester back into the game as his penalty
It marks a 24th defeat of the season for Leicester, whose relegation back to the Championship was confirmed last weekend
His luck changed after 33 minutes when he raced into the penalty area after exchanging passes with Ait-Nouri. When the wing-back crossed low, Cunha finished first-time for his 17th goal of the season.
Wolves, who were actually below Leicester in December before Pereira transformed their season, could have added to their tally before half-time with Faes heading off the line from Ait-Nouri and Jorgen Strand Larsen shooting wide.
In contrast, Leicester barely laid a glove on their hosts. Their opening 45 minutes was summed up by Bobby Decordova-Red who pulled up following his first run on the Wolves goal and had to be replaced by Jordan Ayew.
Van Nistelrooy’s half-time changes failed to stem the one-way traffic. Hermansen saved from Cunha with Strand Larsen hooking over from close range in the ensuing melee.
The second goal finally arrived after 56 minutes with Cunha playing a slide-rule pass that would have had Ruben Amorim purring.
Strand Larsen latched onto it and finished crisply across Hermansen to atone for his earlier miss.
Leicester held brief hopes of a revival when they awarded a penalty with 20 minutes left. Vardy seemed to initiate the contact with goalkeeper Sa before falling but referee Sam Barrott gave it and VAR didn’t intervene.
It marks a sixth win in a row for Vitor Pereira’s side – with the Portuguese manager ensuring his side finish the campaign strongly
As far as Wolves were concerned, justice was then done as Sa dived to his right to keep out the striker’s low effort.
Scuffles then followed in the Leicester end with stewards moving in to break up what appeared to be different factions of the travelling support. The final nail in the coffin was hammered in when Cunha set up substitute Rodrigo Gomes in the closing minutes.
Pereira took off Cunha with a couple of minutes to get warm applause from the supporters though maybe not the standing ovation were it not looking as if he wants to leave the club.
Even so, it was hard to believe that halfway through the season, Leicester were looking down on Wolves rather than the other way round.
