Wolves roared into the play-offs and ended Norwich's dream of a place in the top-six after a 3-0 victory at Carrow Road.
George Ndah's 52nd-minute strike, Dean Sturridge's header 22 minutes later and an injury-time goal from Kenny Miller knocked the stuffing out of the Canaries.
For Nigel Worthington's side the season is over as they are now seven points behind sixth-placed Nottingham Forest with just two games remaining.
But for Dave Jones' men, Premiership ambitions are still alive as they are guaranteed a play-off spot.
It looked promising early on for the home side when 16-year-old Ryan Jarvis, making his first start for Norwich, created the game's first real opportunity when he threaded a lovely ball through to Iwan Roberts, but Wolves keeper Matt Murray came out quickly to smother.
Wolves had to wait until the 15th minute before they registered any real threat on Robert Green's goal, Ndah clipping a deep cross to the far post but Mark Kennedy's weak volley was comfortably gathered by the Canaries stopper.
Dave Jones' side, unbeaten in their last six games, pushed the hosts back in the latter stages of the half but it was Norwich who almost grabbed the lead in injury time when both Darren Kenton and Phil Mulryne saw efforts cleared off the line.
Wolves almost took the lead two minutes after the re-start when Ndah fired a dangerous ball across the face of the goal but Holt arrived at the back post to make a timely interception.
Five minutes later, Ndah found himself in a better position and took full advantage.
The striker was played through by an astute pass by Miller and struck a firm left-foot shot across Green into the far corner of the goal.
Norwich had chances to draw level, however. Jarvis went agonisingly close with a 60th-minute header, Mulryne tested Murray with a curling 25-yard free-kick and Kenton pulled a shot the wrong side of the upright from just inside the penalty area.
But Wolves weathered the storm and sealed victory when Sturridge thundered a header past Green from a superb Kennedy cross, and Miller swept home the third with virtually the last kick of the game.
Teams
Norwich Green, Kenton, Mackay, Fleming, Drury, Rivers,
Mulryne, Holt, McVeigh (Henderson 60), Jarvis (Healy 83),
Roberts (Abbey 72).
Subs Not Used: Crichton, Russell.
Booked: Fleming, Kenton.
Wolverhampton Murray, Irwin, Butler, Lescott, Naylor,
Newton (Cooper 88), Ince, Cameron, Kennedy, Miller,
Ndah (Sturridge 66).
Subs Not Used: Oakes, Rae, Edworthy.
Booked: Butler.
Goals: Ndah 52, Sturridge 74, Miller 90.
Att: 20,843
Ref: C Wilkes (Gloucestershire).