Councillor Jaspal will present first team head coach Kenny Jackett and his players with a congratulatory scroll at the Molineux event on Monday (5 May).
The Mayor will give a speech making it clear how proud the city is of the club's record breaking season.
The event will take place just before the testimonial match of former Wolves club captain Jody Craddock which will see a Wolves XI, managed by former boss Mick McCarthy, take on a Sunderland XI.
At around 1.30pm the Mayor will go out onto the pitch and present the League One trophy to Kenny Jackett and captain Sam Ricketts.
Councillor Jaspal said: "I am delighted that the club have accepted my offer to host a reception in honour of a wonderful season which has seen records broken and promotion as champions of League One.
"We are all extremely proud of the team and everyone associated with the club which is such a huge part of Wolverhampton life.
"While we are all realistic about the challenges that lie ahead in the Championship, we all believe Wolves belong in the Premier League and I very much hope it won't be long before my successor in this role is toasting a return to the top flight."
Tickets for the game, costing £10 for adults, £5 concessions or £20 for a family ticket of 2 adults and 2 children, are available online, in person from the Ticket Office or from the Ticketline on 0871 222 1877.
- released: Thursday 1 May, 2014