McArthur comes in in place of Andros Townsend, who has been named as a substitute.
Mamadou Sakho - who started his first league match since February against Tottenham Hotspur - keeps his place in the centre of defence, with Martin Kelly re-entering the squad on the bench alongside Scott Dann, the pair both returning from minor injuries.
Another centre-back also recovering from injury, James Tomkins, is not in the squad as he continues his return to full fitness.
For Wolves, Ruben Neves is named on the bench, one of two changes from the Midlands' club starting XI against Chelsea last Saturday. He is replaced by Matt Doherty.
The other change is Willy Boly replacing Jesus Vallejo in defence.
Palace: Guaita, Ward, Cahill, Sakho, Van Aanholt, Schlupp, McArthur, Milivojevic, Kouyate, Zaha, Ayew.
Subs: Hennessey, Kelly, Dann, McCarthy, Meyer, Townsend, Benteke.
Wolves: Patricio, Boly, Coady, Doherty, Saiss, Jonny, Moutinho, Dendoncker, Traore, Jimenez, Jota.
Subs: Ruddy, Vallejo, Neto, Neves, Cutrone, Gibbs-White, Vinagre.