The 25-year-old was targeted by racists on social media following Wolves’ 1-0 premier League defeat to Crystal Palace on Sunday (February 22).
Arokodare missed a penalty just before half time and became the third player to be subjected to disgusting abuse this weekend.
Chelsea’s Wesley Fofana and Burnley’s Hannibal Mejbri were abused following their 1-1 draw at Stamford Bridge.
Wolves have now released a statement saying: "Wolves are disgusted by numerous instances of racist abuse, from multiple perpetrators, directed at Tolu Arokodare on social media following today’s fixture against Crystal Palace.
"There is no place for racism – in football, online, or anywhere in society. We condemn this abhorrent and unlawful behaviour in the strongest possible terms."
Wolves added: "Tolu has our full and unwavering support. No player should be subjected to such hatred simply for doing their job.
“We stand firmly alongside him, and alongside all footballers who are forced to endure this abuse from anonymous accounts acting with apparent impunity.
"The club has reported the posts to the relevant platforms and will work with the Premier League and the authorities to help identify those responsible and ensure appropriate action is taken.
“We will continue to take a zero-tolerance approach to all forms of discrimination."