Substitute Henrikh Mkhitaryan scored a late equaliser to stretch Arsenal's unbeaten run to 16 matches and deny Wolverhampton Wanderers a famous win at the Emirates.

Ivan Cavaleiro's close-range finish looked like securing the Black Country club their most eye-catching victory since returning to the Premier League this season.

The visitors pounced on an error by Granit Xhaka, Cavaleiro and Raul Jiminez exchanging passes before the former tapped home.

Lucas Torreira and Hector Bellerin both went close to equalising while leading scorer Pierre-Emerick Aubameyang hit the post before Mkhitaryan's 86th minute cross went straight past Rui Patricio.

In a thrilling contest, Wolves almost snatched it in stoppage time when 18-year-old substitute Morgan Gibbs-White hit the bar.

The fifth-placed Gunners are three points behind fourth-placed Tottenham while Wolves remain 11th in the table.