Pereira was sacked today after Saturday's 3-0 defeat at Fulham left Wolves bottom of the table and winless in the Premier League.
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TalkSPORT says Pereira's contract carried a break clause, meaning Wolves won't need to pay out his deal after it was extended at the beginning of the season.
Pereira, it has been revealed, was ready to walk out over the summer, but after guiding the club to safety last season felt the pull to stay on.
Now a free agent, his preference is to jump back into a Premier League job as soon as possible.