Wolves are in advanced talks with Julen Lopetegui over the managerial position.
Talks reopened this week with Wolves' No 1 target, who turned down the chance to take the job last month following the sacking of Bruno Lage.
All parties are hopeful a deal can be concluded soon, with Lopetegui now a free agent after being sacked by Sevilla.
Lopetegui is understood to be represented by Jorge Mendes - a close associate of the Wolves ownership who also represents a number of the club's players.
Wolves approached QPR head coach Mick Beale after Lopetegui turned down the job for personal reasons, but were also rejected by the Championship manager.
In October, Wolves announced Steve Davis would remain as the club's interim head coach until 2023. It is thought he will remain in charge until the mid-season break for the World Cup.
Wolves have managed just one win under Davis in five matches, losing three of those games. The Midlands club sit 19th in the Premier League table, two points from safety.
Wolves' fixtures before World Cup break
Wolves vs Brighton, Saturday November 5 - Premier League
Wolves vs Leeds, Wednesday November 9 - Carabao Cup
Wolves vs Arsenal, Saturday November 12 - Premier League