Rob Edwards and O'Neil each possess past links with the club
Edwards along with Gary O'Neil represent the initial names under consideration to replace Vitor Pereira as manager of Wolves.
Pereira was dismissed on Sunday after the team's 10-match without a victory start to the top-flight season.
Furthermore Edwards and O'Neil - each of whom have previous links to the club - are part of the options to be evaluated by the club ownership.
Edwards is presently at Middlesbrough, which would pose a potential hurdle to his hiring at Wolves' stadium.
Nevertheless the former Luton Town head coach - who played over a century of games for the club during his time as a player - is considered a strong contender for the position.
The 42-year-old is reportedly enjoys backing from the Wolves directors as they start the process of hiring a new head coach.
O'Neil is also appearing as a unexpected candidate, even though he would be a surprising choice considering he was released by the club in the previous winter.
The former West Ham midfielder is currently unemployed meaning Wolves would not be required to provide any compensation.
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Ashley Carter
Ashley Carter
Ashley Carter