The 91-year-old, who owned Wolves for 17 years before selling in 2007, passed away yesterday with the club holding a minute’s silence and players wearing black armbands.
On the pitch, Matt Doherty’s miss in the shoot-out proved decisive as Fulham won 5-3 on penalties after a 3-3 draw.
Fulham striker Ross McCormack had scored a 120th-minute penalty to cancel out Dave Edwards’ earlier extra-time strike.
Three goals in five second-half minutes saw Rajiv van La Parra and Edwards fire Wolves in front before Cauley Woodrow made it 2-2.
Woodrow had nodded Fulham ahead before the late drama and they will go to Sunderland in the fourth round.
Elsewhere, Sam Clucas struck twice in extra time as Chesterfield beat Scunthorpe United 2-0 to reach the fourth round of the FA Cup for the first time in 18 years.
The Spireites found visiting keeper Sam Slocombe in superb form and he denied Eoin Doyle twice in the first half.
Paddy Madden fired a shot just wide for the Iron, but when an extra 30 minutes was needed, midfielder Clucas turned in a low cross before settling the replay.
He curled a second from distance to set up a fourth-round trip to Derby County.
Jay Emmanuel-Thomas struck twice to secure League One side Bristol City a televised FA Cup fourth-round home tie against West Ham.
The forward nodded in the first-half opener from close range after keeper Marko Marosi denied Aden Flint.
James Coppinger’s shot was cleared off the line for Doncaster, who pushed hard after the interval.
But Emmanuel-Thomas ran half the length of the pitch to score a second on the break with a cool finish.
In tonight’s action, Emmanuel Adebayor could make a first appearance in nine weeks as Tottenham look to overcome Burnley.
After last Monday’s encounter at Turf Moor ended a 1-1 draw, the Premier League sides will again do battle to see which club is to host Leicester in the fourth round.
Spurs head coach Mauricio Pochettino is considering changes for the White Hart Lane replay, when Adebayor could make his long-awaited return.
The 30-year-old last donned the lilywhite shirt in the home defeat to Stoke on November 9, with injury, illness and then a period of compassionate leave keeping him out of action.
Harry Kane has impressively filled that void but may well be rested in favour of Adebayor or Roberto Soldado when Burnley visit.
“We need to analyse all the players who played on Saturday and then we see who has a chance for Wednesday,” Pochettino said.
“After the beginning of the season there are 34 games that we have played and we are the team who has played more than anyone.
“We need to manage. All players are important. We will see who can play.
“I think we need to give the opportunity to play for all players, but we need to analyse and take a decision.”
Asked if Adebayor, reportedly attracting interest from Qatar, the United States and Italian side Parma, is fit to play against Burnley, Pochettino said: “Maybe yes. Maybe.
“Maybe we will change [and rest Kane] but now it is too early to give information as we need to analyse. He has not got an injury.”