Rob Edwards and Gary O'Neil are two of the early names in the frame to replace Vitor Pereira as manager of Wolves.
Pereira was sacked on Sunday following the team's 10-match winless start to the Premier League season.
And Edwards and O'Neil - both of who have historic links to the club - are among the names to be considered by the Wolves ownership.
Edwards is currently at Middlesbrough, which would pose a potential obstacle to his appointment at Molineux.
However the former Luton head coach - who made more than 100 appearances for Wolves during his playing career - is said to be a strong contender for the vacancy.
The 42-year-old is said to have support from the Wolves board as they start the process of appointing a new head coach.
O'Neil, also 42, is also emerging a surprise contender, although he would be a shock appointment given he was sacked by Wolves in December last year.
The former West Ham midfielder is out of work meaning Wolves would not be required to pay any compensation.
No contact has been made with Middlesbrough for Edwards, a former first-team coach at Molineux.
Edwards replaced Michael Carrick at the Riverside Stadium in the summer and former England international Carrick, who is out of work and another reported to be under consideration, is also yet to be contacted.
A 3-0 defeat by Fulham on Saturday was Wolves' eighth of the top-flight campaign.
They are bottom of the table with two points, eight behind 17th-placed Burnley.