"It was a very disappointing way to end the season and at times it was embarrassing" Hume told the official Leciester City website.
"After the first 20 minutes we got exactly what we deserved - absolutely nothing. Good luck to Wolves in the play-offs but we must forget about this result as soon as possible and start preparing for next season."
Wolves sealed the win early in the second half when Gareth McCauley's disasterous own goal put the game beyond the Foxes reach.
The 4-1 loss at the hands of Mick McCathy's promotion chasing Wolves leaves Leicester in 19th place after taking just 53 points from the season.
However, Hume is remaining upbeat about the future of the club and is showing real enthusiasm about Milan Mandaric's involvement backstage at the Walkers Stadium.
"I am sure we will see him (Mandaric), and the new manager, bring in a few new faces during the summer and then we must come back at the beginning of July and get ready for the new season.
"The pressure is always on us but next season will be a big one for us and people are going to expect a lot of good things from us.
"It's up to us to deliver." Hume explained.
Meanwhile, Australian Patrick Kisnorbo is set to miss the start of next seasons' Championship campaign after being sent off for two bookable offences in yeterdays home defeat.