The Wolverhampton Wanderers Foundation and Good Shepherd Ministry are set to share at least £20,000 of fundraising.
On their JustGiving page, the Foundation said: "The aim of the Molineux Sleepout is to raise vital funds for those that are vulnerably housed or already homeless in our city. With the power of Wolves and its community, together we can help to tackle homelessness issues in Wolverhampton and give those living on the streets a better chance to turn their life around and achieve their aspirations."
Ambassadors Karl Henry and S-X will join fans in sleeping out in the Stan Cullis stand tonight.
It'll be the first time in the Molineux's history that they've hosted a sleep-out event - at least 200 people are expected to spend the night under the city's stars.
Meanwhile the Good Shepherd Ministry is set to open a 30 bed night shelter - with funds going towards the running of the new shelter.
Today is the day of our FIRST ever sleepout at the historic Molineux Stadium!#MolineuxSleepout is a campaign designed to raise vital funds in a bid to tackle homelessness & exclusion in Wolverhampton.— GSM Wolverhampton (@GSM_Wolves) November 15, 2019
Donate now to help us reach our target of £30,000: https://t.co/NDcI2ZqHrQ pic.twitter.com/oc1oeE2Vva
You can hear more from John Pryce - who's one of the fundraisers - about how the money will be used.