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THE SADDLERS' supporters were in good voice to greet the team for this Johnstone's Paint Trophy clash at Molineux.
It was the home side who started quickest with some trickery from Bakary Sako ending with him firing well over. The opening goal did arrive on five minutes when a low ball in from the right saw Liam McAlinden stroke home to make it 1-0.
Walsall not had chance to get hold of the ball in the opening ten minutes as Wolves look lively. Richard O'Donnell forced to punch clear as the home side looked to cause problems.
The game starting to settle down as the half went on with The Saddlers looking to find a way back into it.
There was a good reflex save from O'Donnell on 35 minutes to deny McAlinden as he got in a powerful strike.
A bright spell for Walsall saw us fail to find that final ball when it mattered.
A free-kick out wide from the home side headed out by The Saddlers' back-line as the resulting corner caused problems before the ball went out for a goal-kick.
There was a yellow card for Milan Lalkovic on 43 minutes for a foul after he felt that he should have been awarded a free-kick as he looked to lead an attack.
In stoppage time at the end of the half, Ashley Hemmings looked to play in Lalkovic but his ball was poor and easily dealt with.
HALF-TIME: Wolves 1 Walsall 0
There was a change at the break for The Saddlers as Craig Westcarr replaced Lalkovic.
The early moments of the second period saw action at both ends as Hemmings' ball into the danger zone gathered by former loanee, Aaron McCarey before Bjorn Sigurdarson tried to find McAlinden who a ball in from the by-line at the other end.
The equaliser came when Westcarr's ball in from the left was met by former Wolves youngster, Ashley Hemmings who made no mistake to level matters at 1-1.
Almost a second goal moments later when a ball in from Hemmings found James Baxendale who was just off target. Walsall buzzing at this stage.
Series of corners for Wolves saw Walsall resolute to defend their lines on each occasion. However, the last one saw the home awarded a penalty for a push in the back by Paul Downing, which saw him booked. Sako stepped up and O'Donnell saved his effort but he followed in to net the rebound and make it 2-1.
Andy Taylor flashed one just wide in the wake of the goal.
A low strike from distance by Sako almost caught O'Donnell out as it flashed just wide.
With 71 minutes on the clock, Sawyers' effort deflected out for a corner which was well-worked but hit a home defender from Butler as the next flag-kick came to nothing.
O'Donnell did well to deny another low strike from Sako.
There was a second change for Walsall on 76 minutes when Troy Hewitt replaced Baxendale.
Strong appeals for a penalty to The Saddlers for handball not given.
The final Walsall change saw Sam Mantom replace Hemmings with nine minutes to go.
The Saddlers back on level terms with a sweet strike from Hewitt as Downing pumped the ball forward.
Walsall finishing with a flourish, keeping the ball well and causing concern for our hosts.
A burst by Mantom saw the ball fall to Westcarr who put his effort over from a good position just inside the area.
Home side hanging on at the end with Walsall very much in the boss seat.
Penalties it is...
FULL-TIME: Wolves 2 Walsall 2
WALSALL - Westcarr - SAVED - 0-0
WOLVES - SCORED - 1-0
WALSALL - TAYLOR - MISSED - 1-0
WOLVES - SCORED - 2-0
WALSALL - Mantom - SCORED - 2-1
WOLVES - SCORED - 3-1
WALSALL - Downing - SCORED - 3-2
WOLVES - SCORED - 4-2
The Saddlers go out on penalties...