The match at Emirates Stadium will now be played on Tuesday, but Chelsea's fixture against neighbours Fulham at Stamford Bridge on the December 26 Boxing Day bank holiday is going ahead despite the travel shutdown.
Arsenal took the decision to delay the match just hours before the High Court rejected a legal attempt to stop the strike.
London Underground had asked the court to outlaw the strike by members of the Aslef union who are demanding more pay, but Mr Justice Eder ruled the stoppage could go ahead, the Press Association reported.
In a statement explaining why they were putting the match back 24 hours, Arsenal said:
"This decision has had to be made now, before the result of the legal challenge to the proposed industrial action is finally known, due to the preparation period needed to safely operate Emirates Stadium by all the relevant agencies."
The statement on their website added: "The paramount concern was always the duty of care towards the Arsenal supporters, Wolverhampton Wanderers supporters, matchday employees, workers and indeed everyone who was planning to attend the match on Boxing Day."
The club said that as there were no services operating on mainline train services into London on the day, there was likely to have been "severe disruption, or at worst, inability for supporters or matchday employees and workers" to get to the match.
Lower league matches in and around London will also be going ahead with the Championship matches between Watford and Cardiff City and Millwall and Portsmouth taking place.
Leyton Orient's match with MK Dons and Brentford's clash against Bournemouth in League One, as well as the League Two fixtures between AFC Wimbledon and Oxford United and Dagenham & Redbridge and Barnet will also be played.
