Harry Redknapp has fuelled speculation that he could be set for an immediate return to management by speaking of his respect for Wolves.
Redknapp, 57, quit as Portsmouth boss this week but yesterday said: “Wolves are a great club. A bit like Pompey. Everyone said it was a sleeping giant that wouldn’t wake up, but Wolves already have.
“They have great support, a terrific stadium and it’s a great job for somebody.”
Redknapp may have to take a pay cut if he is to take on the role though. He was reported to be earning £1.5m a year at Portsmouth but, speaking of the clubs current financial situation, Wolves chairman Rick Hayward hinted that the salary of the new manager would be a key factor.
Hayward said: “We will be all right providing we go up in the next two years.
“If not, then it really will be cutback time. Wages will have to come down and people will have to go.
“That is one of the things we’ll have to address with prospective managers.”
Previous Wolves manager Dave Jones was sacked by the Black Country club on 1 November and Stuart Gray has been in temporary charge since then.
Wolves have already distanced themselves from speculation linking them with former Newcastle manager Sir Bobby Robson.
Ex-Leicester boss Micky Adams, former West Brom manager Gary Megson and John Gregory have also been linked with the job.