Both teams and the Premier League condemned the chants directed at Chelsea supporters during the game, which the Wolves won 1-0 at home.
"Homophobia, like all other forms of discrimination, has no place in football or society, and anyone engaging in discriminatory behaviour is committing a criminal offence," Wolves said in a statement.
"We can confirm that three arrests were made by West Midlands Police relating to homophobia, and the discriminatory chants in question."
West Midlands Police said three men aged 32, 24 and 21, were arrested on suspicion of a "public order offence which caused harassment, alarm or distress and also of using threatening words or behaviour to stir up sexual orientation hatred".
All three men have been released on bail while the police investigate continues.
"What we heard at the match was incredibly disappointing. In response to the chants, supporters were reminded by a public address system announcement that discriminatory behaviour and chants of this nature will not be tolerated," Superintendent Sallie Churchill said in a statement to Reuters.
"However, despite the warnings supporters continued. We have made three initial arrests.
"We are continuing to investigate and officers are currently looking at CCTV to identify those taking part in the chants. We will be looking to make further arrests."
Wolves said they would fully support the police in their investigation.
