Rob Edwards and O'Neil each possess past connections with the club
Edwards along with Gary O'Neil represent the early candidates under consideration to succeed the former manager as manager of Wolves.
The previous coach was sacked on Sunday following the squad's 10-match without a victory start to the Premier League season.
And Edwards and O'Neil - both of who have previous associations to the team - are part of the options to be considered by the club leadership.
The manager is currently at Middlesbrough, which would create a potential obstacle to his appointment at Molineux.
However the former Luton Town manager - who played over a century of appearances for Wolves during his playing career - is considered a strong candidate for the vacancy.
The mid-career manager is said to have backing from the club board as they begin the search of hiring a new manager.
Gary O'Neil is additionally emerging as a surprise candidate, although he would be a shock choice given he was released by Wolves in the previous winter.
The ex- West Ham United player is currently unemployed which means the club would not need to pay any buyout fee.
Elara is a seasoned sports analyst with over a decade of experience in betting markets and statistical modeling.