Former Spain manager Julen Lopetegui has declined to take over at Wolves for personal reasons.
The Premier League club are understood to now be considering other candidates after Lopetegui turned down his offer to replace Bruno Lage, who was sacked earlier this month.
The Black Country Club are third from bottom in the Premier League with just one win in their first nine games.
Lopetegui, who was recently sacked by La Liga side Sevilla, is understood to have made the decision to refuse Wolves due to family reasons.
A major factor keeping Lopetegui in Spain is his desire to be close to his 92-year-old father.
Wolves have also been linked to Ruben Amorim, the highly rated coach of Portuguese club Sporting. However, it has been reported that he has a £20million release clause in his contract with the Lisbon club.
Wolves’ shortlist is also said to include Celtic’s Australian coach Ange Postecoglou and another Portuguese, Pedro Martins, who is currently unemployed and was most recently employed by Greek club Olympiacos.