Rob Edwards together with O'Neil each possess previous links with Wolves
Edwards along with O'Neil are two of the initial names under consideration to succeed the former manager as head coach of Wolves.
The previous coach was dismissed on the weekend after the squad's ten-game without a victory beginning to the top-flight season.
And both candidates - both of who have historic associations to the club - are among the names to be evaluated by the Wolves ownership.
Edwards is currently at Middlesbrough, which would pose a potential obstacle to his hiring at Wolves' stadium.
Nevertheless the ex- Luton Town manager - who made over a century of games for Wolves during his time as a player - is said to be a leading contender for the position.
The 42-year-old is said to have support from the club directors as they start the process of appointing a fresh head coach.
Gary O'Neil is also emerging as a surprise contender, although he would be a shock choice considering he was sacked by Wolves in December last year.
The former West Ham midfielder is currently unemployed which means Wolves would not need to pay any buyout fee.
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