Saturday 13 November 1954 at Deepdale (Att 26,863)

Preston North End (0) 3 (Foster 66, Baxter 77p, Higham 84): Thompson, Cunningham, Walton, Docherty, Marston, Forbes, Finney, Foster, Higham, Baxter, Morrison.
Wolves (1) 3 (Broadbent 40, Hancocks 49, Wilshaw 56): Williams, Stuart, Shorthouse, Slater, Wright, Clamp, Hancocks, Broadbent, Swinbourne, Wilshaw, Smith.

Referee: Mr C Holland (Barnsley).
Order of Goals: W,W,W,p,p,p.
Penalty: Awarded for a foul on Tom Finney.
Position: 1st.