Pereira's departure comes after Wolves found themselves at the bottom of the Premier League table and winless in the competition.

O'Neil was previously in charge of the team at Molineux but was let go almost a year ago.

Since his dismissal in December, he has been a free agent, and his name has been mentioned as a possible replacement for Pereira.

Another name being discussed for the job is Rob Edwards, who is currently managing Middlesbrough in the Championship.

Edwards previously led Luton to the Premier League last season and has a conn