Sporting CP coach Ruben Amorim is emerging as favourite for the Wolves job after yesterday's sacking of Bruno Lage.
Amorim picked up the manager of the season award last year and has also guided Sporting to one league championship and three domestic cup successes in just over two seasons.
At just 37-years-old, the former Portuguese international is regarded as one of the brightest young managers in Europe.
Sevilla boss Julen Lopetegui is also being considered. It is believed the former Spain and Real Madrid boss in on the verge of losing his job at the La Liga club and has been heavily linked with the Molineux job in the past.
Olympiacos' Pedro Martins is another in the frame, having won the Super League in Greece three years running as well as success in the Champions League.