Nuno Espirito Santo’s men will play the first leg at Molineux on July 25 before travelling away for the second leg on August 1.
It will be Wolves’ first major European fixture in 39 years.
Crusaders and B36 Torshavn go head-to-head in the first qualifying round, with the victor taking on Nuno’s side.
Wolves will discover which team they are playing when the second leg tie takes place on July 18.
Rangers will face a potential rematch with Progres Niederkorn if they both make it through to the second qualifying round.
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Gers were knocked out of the competition by the Luxembourg minnows two years ago.
Steven Gerrard’s side face either Kosovans FC Prishtina or St Joseph’s of Gibraltar in their opening tie while Niederkorn must overcome preliminary round opponents Cardiff Met University before taking on Ireland’s Cork City in the first round proper.
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Aberdeen could also be heading for a rematch with Luxembourgian opposition after being handed a potential tie with Fola Esch – who they beat 3-2 on aggregate in 2016 – or Chikhura Sachkhere of Georgia if they overcome Finnish outfit RoPS Rovaniemi in the first round.
Fellow Scottish Premiership side Kilmarnock will head to Serbia if they progress after being drawn against FK Partizan in the second qualifying round.
The Rugby Park outfit will play their first European tie in 18 years against Welsh side Connah’s Quay Nomads at the first stage.