Steven Hughes and Keith Gillespie combined in the 14th minute to create the game's first clear cut chance with Michael Oakes blocking David Connolly's shot with his legs.
There was then fierce controversy when Connolly and his team-mates were convinced he had given Leicester the lead, only for referee Eddie Evans to wave aside the heated protests before ruling out the goal for offside.
Oakes then came to the visitors' rescue when he kept out Gareth Williamss 20-yard effort. Little was seen of the Wolves attack with half-time arriving and Ian Walker remaining untested.
On 58 minutes Leicester were again frustrated when they had strong penalty appeals turned down when Connolly went over inside the penalty area when sandwiched between Joleon Lescott and Lee Naylor.
The second half then took on a familiar pattern to the first with City dominating but lacking the invention to break down Wolves' well-drilled defence.
All that changed on 73 minutes when Wolves were finally undone by a superb strike from Maybury - his first for the club since joining from Hearts in January.
The full-back raced down the left and cut inside before unleashing a low angled drive which flew beyond Oakes and into the far corner of the net.
Moments later Connolly spun away from Lescott only to see his effort palmed away by Oakes.
Wolves plundered an unlikely leveller two minutes from the end. City failed to clear a Naylor corner and the ball fell to Lescott who rifled home a superb shot from ten yards.