Wolves have appointed assistant boss Terry Connor as manager until the end of the season.
Connor, who was Mick McCarthy's No.2 at Molineux, has stepped into the breach after the club failed to land a number of managerial targets.
McCarthy was sacked earlier this month, just 24 hours after their 5-1 defeat to local rivals West Brom at home.
A number of names have been linked with the role, including Alan Curbishley, Steve Bruce, Brian McDermott, Walter Smith and Gus Poyet, but Wolves have failed to agree a deal with any of their targets
Curbishley pulled out of the running earlier this week, while McDermott signed a new deal at Reading and Brighton rejected Wolves' approach for Poyet.
Former Rangers chief Smith was the latest person to turn down the job on Thursday and now Wolves chairman Steve Morgan has placed Connor in charge for the final 13 games of the campaign.
Connor, who joined Wolves in 1999 as reserve team manager before becoming McCarthy's assistant at the start of the 2008-09 campaign, will take charge in his new role for this weekend's trip to Newcastle.
Morgan has called on the club's fans to get behind Connor and believes he is the right choice to lead the club as they fight for survival in the Premier League.
"Since we made the difficult decision to part company with Mick, we have been through a diligent process of assessing potential candidates," Morgan told the club's official website.
"Having spoken to a number of people, we have drawn that process to a close and myself and the board are unanimous that Terry is the right man to lead the club for the remainder of the season.
"This is a decisive step, which creates certainty, and the players are fully behind it.
"As a club, whether that be staff or supporters, we now all need to unite behind Terry and the players and secure as many points as possible over the next 13 games."
Will Terry Connor keep Wolves in the Premier League?