Midfielder Frank Lampard [ Images ] and Dutch striker Jimmy Floyd Hasselbaink put Chelsea 2-0 up at the break before Irish playmaker Damien Duff [ Images ] tapped in the third and Argentine forward Hernan Crespo [ Images ] came on to score twice.
The totally one-sided game left Chelsea on 13 points, ahead of Arsenal [ Images ] on goal difference and a point clear of champions Manchester United [ Images ]. Their two pursuers meet in Sunday's showcase game at the Old Trafford, Manchester.
Title contenders ever since Russian billionaire Roman Abramovich bought the club in July and spent £111 million ($180.5 million) rebuilding the team, Chelsea could easily have been 5-0 up at half-time, but for some missed chances and a disallowed goal.
Chelsea coach Claudio Ranieri [ Images ] told Sky Sports later: "I was curious to see my players after their first Champions League [ Images ] game and they played very, very well. Everybody was focused on the match."
Duff and Crespo, who cost some £17 million each, scored their first goals for the west London [ Images ] club. Ranieri was particularly pleased with his Argentinian marksman. "With him ... [Romanian Adrian] Mutu, [Icelander Eidur] Gudjohnsen and Jimmy, I've got four great strikers," said Ranieri.
The coach rubbished media reports linking England [ Images ] coach Sven-Goran Eriksson with the manager's job at Chelsea.
Wolves boss Dave Jones, whose promoted side are rock-bottom with one point and only one goal scored, was very disappointed with his players for giving Chelsea so much space.
"They [Chelsea] are good players, but you've got to match that and compete with that," Jones said. "Players have got to stand up and be counted.
"There is a lot of anger [in the dressing room]. It hurts us, it hurts me, we're not used to losing games like this -- I want some fight from them."

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