The duo have put pen to paper on three-and-a-half-year deals which will keep them at Molineux until the summer of 2014.
They follow Wayne Hennessey, Matt Jarvis, George Elokobi and David Edwards in pledging their futures to Wolves in recent months.
Moxey added: "We're constantly keeping an eye on contract situations, and the players know if they perform, they'll be rewarded.
"Karl and Richard perfectly fit the club ethos in terms of coming to Wolves at a young age but with potential to improve.
"Their work with the manager and coaching staff has seen them make that improvement."
Source: PA
Source: PA