Wolves reacted angrily after Nenad Milijas's appeal against the red card he received in Tuesday's 1-1 Premier League draw against Arsenal was rejected by a Football Association disciplinary panel.
The Serbia midfielder was appealing after being sent off for a challenge on Arsenal's Mikel Arteta at the Emirates Stadium.
Now Milijas's three-match ban will start with Saturday's Premier League clash at Bolton.
He will also miss the home clash with Chelsea that follows, and his side's FA Cup third-round tie against Birmingham City.
Wolves secretary Richard Skirrow, in a statement, responded to Thursday's announcement, by saying: "We are hugely disappointed with today's ruling.
"From the video evidence of that challenge alone, we strongly believed we had very good grounds for appeal and this was an opinion that seemed to be shared by a lot of people who have viewed the incident.
"Our view that the dismissal and three-match ban would be hugely disproportionate to the alleged offence was further reinforced by other incidents in the game.
"However, despite highlighting the inconsistency and harshness of Nenad's dismissal, we have been told that it was not deemed to be an obvious and serious error and, therefore, the original decision and resulting punishment stands."
Skirrow added: "In our view it was certainly not serious foul play.
"Prior to Tuesday, Nenad had also only six cautions in English football and no suspensions.
"Likewise, as a club, we are not serial appealers of red cards.
"In fact, on further reflection, 'disappointed' doesn't seem to do justice to the feelings of everyone at the club on hearing this decision."
Wolves manager Mick McCarthy had previously urged referee Stuart Attwell to rescind the red card when speaking immediately after a match that left the Midlands club two points above the relegation zone.
"I will go and ask Stuart. He did what he saw but if he sees it again, then he will know that it can't be one (a red card)," McCarthy said.
"Nenad has got his foot on the ground, makes contact with the ball and I don't think he leaves the ground.
"Someone said to me that his studs were up. Well you generally do when you tackle with your foot, sliding in."