Wolves are in talks with former boss Gary O'Neil about a return to Molineux.
He remains one of several options being explored by the club following the sacking of Vitor Pereira on Saturday, including Middlesbrough boss Rob Edwards.
O'Neil was appointed Wolves head coach in August 2023 and led the club to a 14th-placed finish and the FA Cup quarter-finals in his first season.
The 42-year-old was sacked in December 2024 following a poor start to his second season and was replaced by Pereira.
Former Luton boss Edwards currently has Boro second in the Championship. Edwards also has his own history with Wolves, having featured more than 100 times for the club during his playing career.
Wolves are in no rush to make an appointment, however, and need to get it right given their predicament in the table - so are sounding out several candidates.
Wolves parted company with Pereira following their 10-game winless start to the Premier League season. They lost 3-0 to Fulham on Saturday.
The loss followed a 4-3 defeat to Chelsea in the Carabao Cup fourth round on Wednesday and left the Midlands club with only two points from their first 10 Premier League games of the season, eight points from safety. No club has ever survived with two or less points at this stage of a Premier League season.
Pereira's sacking comes only 45 days after he signed a new three-year contract at Wolves despite them being bottom at the time, having lost their first four league games.
Their poor form has continued under the former Porto boss, with Wolves the only winless side in England's top four divisions.
Edwards: My full focus remains on Middlesbrough
Edwards, who was appointed Boro boss in June following the sacking of Michael Carrick, was asked about links to the Wolves job but refused to be drawn on "speculation" and heard about it from his daughter.
"You know my links to the club [Wolves]," Edwards told press.
"But my full focus is on this job here, which is a brilliant job, and trying to turn things around from the weekend in a really big game against Leicester.
"Speculation stuff is hard for me to comment about, anything else other than Middlesbrough Football Club, which is where my focus is, that we've done a decent job so far.
"It's all speculation anyway. I never get drawn on stuff that's all hypothetical, and I don't want to get drawn on that.
"I love being Middlesbrough manager and that's what I want to think about. All I can say is I've not given it a single thought, because my focus is just on this. I can't talk about anything else. It's just all the stuff that my daughter was telling me about."
'Uncertain how O'Neil reappointment would be received'
Sky Sports News' Amber Sandhu at the Molineux:
"It's been an event for 24 hours for Wolves. James Collins and Richard Walker will be overseeing first-team coaching whilst the club appoints a new head coach for the first team.
"In terms of conversations being had, we know that a number of options are being explored, including Gary O'Neil, of course, former Bournemouth manager and of course, had a managerial career at Wolves.
He was sacked last year after 16 months at the club. He came in August 2023, taking over from Julen Lopetegui, and took Wolves to 14th position, the highest that they were that season, was eighth as well.
"They finished 14th and also reached an FA Cup quarter-final. But the second part of that season didn't end too well for him. It seemed that he lost his way a little bit. There was a lack of discipline and control within that squad as well, and that saw his departure on the 15th of December, after they lost to Ipswich Town 2-1. He potentially could be coming back to the Molineux.
"I'm not sure how well-received he will be by fans. So the second option that is also no stranger to Molineux is Rob Edwards, of course, the former Luton manager. He's at Middleborough at the moment, where they're doing really well, second in the championship.
"He had a playing career here, over 100 appearances for Wolves and was part of the academy as well. Those conversations are being had, but we do understand that the club is in no rush to make that appointment due to the predicament there, but we do know that they've got 28 games to turn it around, so they need to make sure that it's right."
