Sky Sports sources understand Wolves have drawn up a three-man shortlist for the vacant manager's job at Molineux.
Alan Curbishley, who has already expressed an interest in the role, is on the list alongside recently sacked duo Steve Bruce and Neil Warnock.
The names on the shortlist confirm the assertion of chief executive Jez Moxey on Monday that the job is not one for a novice manager.
All three managers have extensive experience of English football and top flight management.
Curbishley spent 15 years with Charlton and guided the club to respectable Premier League finishes for six consecutive seasons from 2000 before helping West Ham avoid relegation in 2007.
Bruce had spells managing in the Premier League with Birmingham and Wigan before switching to Sunderland in 2009. The Black Cats dismissed the 51-year-old boss in November.
Warnock, the veteran of the three at 63, experienced Premier League management with Sheffield United before returning to the top flight with Queens Park Rangers this season only to be sacked last month.
A decision is expected before Wolves' next match away to Newcastle on February 25.
Wolves axed previous manager Mick McCarthy following the club's 5-1 home defeat to rivals West Brom on Sunday.