Wolves have drawn up a three-man shortlist to replace Vitor Pereira and it includes a shock name.
Pereira was relieved of his duties following Wolves' crushing 3-0 defeat to Fulham at Craven Cottage on Saturday.
He was sacked on Sunday despite signing a new deal in September.
A statement on social media read: "Wolves have parted company with head coach Vitor Pereira.
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"We would like to thank Vitor and his staff for their tireless work during their time at Molineux."
Ex-Manchester United boss Erik ten Hag emerged as a potential replacement as bookmakers slashed odds on him succeeding Pereira.
The bookies also had Brendan Rodgers, Ole Gunnar Solskjaer, Frank Lampard and Steven Gerrard, among others, in the mix.
But, according to David Ornstein, Wolves are looking in another direction.
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Ornstein claims Wolves are considering a shock return for former head coach Gary O'Neil, who replaced Julen Lopetegui just four days before the start of the 2023/24 season, with the club going onto finish 14th.
But O'Neil, who is out of work, was sacked in December 2014.
The 42-year-old, who appeared on Sky Sports' Monday Night Football last month, has been linked with several jobs, including Birmingham City, Wrexham and Norwich City.
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Middlesbrough boss Rob Edwards is another prominent candidate, per the report.
He has Premier League experience, having guided Luton Town to the top flight. The 42-year-old was appointed at the Riverside outfit in the summer, meaning any move would require compensation.
Edwards has a strong connection with the club from this time there as a player and youth coach.
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Michael Carrick is also in the frame to replace Pereira and is highly regarded.
Like O'Neil, Carrick is without a club following his Boro dismissal in June.
An appointment may not come before their next league fixture against Chelsea on Saturday.
Wolves are rooted to the bottom of the league and have yet to win a game from their opening 10 league matches of the new season.
Topics: Wolverhampton Wanderers, Football
Nasir Jabbar