Unai Emery’s side have been in good form in the Premier League since losing to Manchester City and Chelsea FC in their opening two games.
Arsenal have collected 23 points from their last nine games in the Premier League to hoist themselves up to fifth place in the table.
The Gunners won seven successive Premier League fixtures before a 2-2 draw with Crystal Palace at Selhurst Park last month.
Alexandre Lacazette’s equaliser cancelled out James Milner’s opener to help Arsenal secure a 1-1 draw with top-four rivals Liverpool FC at The Emirates last weekend.
The Gunners will welcome Wolves to north London this weekend and the promoted side have also taken points off Manchester City and Manchester United in the current campaign.
However, the Championship winners have loss to Brighton, Tottenham Hotspur and Watford in their last three Premier League fixtures to suffer their first setback.
Former Liverpool FC defender Lawrenson is backing Arsenal to ease past Wolves and secure their eighth Premier League win of the season.
“The more I see of Arsenal, the more I think what a good job Unai Emery has done since taking charge of the Gunners, and with the minimum of fuss,” Lawrenson told BBC Sport.
“Arsenal were very impressive again in their draw with Liverpool, and I am expecting more of the same this time around.”
He added: “Wolves have now lost three games in a row but, whatever happens here, I don’t think they are in danger of slipping too far down the table – they have got too much quality for that.”
Arsenal haven’t won the Premier League title since 2003-04 but the Gunners’ current form suggests a title challenge could be a possibility this term.
At the very least, Emery will be eager to steer Arsenal back into the Premier League’s top four following a two-season absence from the Champions League.
The Gunners are being tipped to battle with Chelsea FC, Manchester United and Tottenham Hotspur for the final two top-four spots.
Arsenal were held to a 0-0 draw with 10-man Sporting Lisbon in the Europa League at The Emirates on Thursday night.
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