Former Wolves boss Mick McCarthy is among a group of former Midlands managers being connected with the vacant post.
As a player, 51-year-old Jackett helped Watford to a second place top flight finish and FA Cup Final, and won 31 Welsh caps.
With Dean Saunders sacked as manager of Wolves, here are five favourites to take up the role with the club now in League One.
– Cllr Jaspal Milkvinder, Mayor of Wolverhampton
I am delighted that the club have accepted my offer to host a reception in honour of a wonderful season which has seen records broken and promotion as champions of League One.
We are all extremely proud of the team and everyone associated with the club, which is such a huge part of Wolverhampton life.
While we are all realistic about the challenges that lie ahead in the Championship, we all believe Wolves belong in the Premier League and I very much hope it won't be long before my successor in this role is toasting a return to the top flight.
The Mayor of Wolverhampton, Cllr Milkinder Jaspal, is to host a reception in honour of Wolverhampton Wanderers' League One title win.
He is due to present the team and Head Coach, Kenny Jackett, with a congratulatory scroll at an event at Molineux, prior to a testimonial match of former club captain, Jody Craddock.
The match will see a Wolves team managed by former boss, Mick McCarthy, take on a Sunderland side.
At about 1.30pm, the Mayor will present the League One trophy to Kenny Jackett and current captain, Sam Ricketts.
The owner of Wolverhampton Wanderers, Sir Jack Hayward, has praised manager, Kenny Jackett, for overseeing the club's turnaround, following back-to-back relegations.
He also blamed himself for the clubs drop out of the Premier League and the Championship, when he spoke to ITV News Central.
A plea for fans to stay off the pitch at all the games. Vast majority have done the club proud all season. Let's finish on the right note.
Wolves fans are being urged to stay off the pitch ahead of their match at Leyton Orient today.
It follows a pitch invasion at Molineux on Good Friday, which the club said nearly led to the match against Rotherham United being abandoned.
Wolves can secure the League One title with a win today.
Kick-off at the match between Wolverhampton Wanderers and Rotherham United at Molineux has been delayed by 10 minutes, according to West Midlands Police.
Kick off will be delayer by 10 mins, it's now a 15.10 kick off
Former West Bromwich Albion and Wolverhampton Wanderers striker Jason Roberts has announced he is retiring from football due to injury.
The 36-year-old confirmed his decision on Twitter. He has not managed a single appearance this season for his current team, Reading, due to a persistent hip problem.
He wrote: "It is with great sadness that I announce my retirement from professional football on medical advice...Thank You Football for Everything...
"It has been an honour representing the Clubs I have played for..and the Fans that have always supported me."
LEAGUE ONE: (7:45pm k.o)
Crawley Town v Wolves - live updates here
Colchester v Shrewsbury - live updates here
Walsall FC have responded to allegations of racism from a section of the crowd during their match against Wolverhampton Wanderers, saying those found guilty of racist abuse will be banned from the Banks's Stadium for life.
The club say they are working closely with Wolverhampton Wanderers and the police to investigate the alleged racist abuse, aimed at two Wolves players during the match.
Walsall Football Club can confirm that we have been in dialogue with our counterparts from Wolverhampton Wanderers regarding allegations that two of their players were subjected to racist abuse during the course of Saturday’s Sky Bet League One fixture.
We are taking this matter very seriously and will fully co-operate with West Midlands Police and Wolverhampton Wanderers throughout this investigation.
– Walsall FC club statement
Both Wolves and Walsall are fiercely committed to stamping out all types of discrimination within football and will vigorously investigate any and all allegations of racist abuse.
Should anyone be found guilty of the above allegations, they will be issued with a lifetime ban from Banks’s Stadium.
As the matter is being investigated, the club can make no further comment at this stage.
Wolverhampton Wanderers have made an official complaint to the FA and to Walsall FC over alleged racism during the match between the two sides at the Banks's Stadium on Saturday.
In a statement, the club say racist abuse was aimed at defender George Elokobi in the first half while he warmed up as a substitute, and abuse aimed at goalkeeper Carl Ikeme came from behind the goal in the second half.
The statement continued:
The complaint relates to a small number of individuals in the crowd at Saturday’s game and will not sour the good relationship that exists between the two clubs.
Both Wolves and Walsall are fiercely committed to stamping out all types of discrimination within football and will vigorously investigate all allegations of racist abuse.
Wolves will always strongly support its players who are the victims of discrimination, and Carl Ikeme and George Elokobi both displayed admirable restraint in the face of receiving the abuse on Saturday.
Kenny Jackett also commented on the situation:
Both Carl and George received racist abuse at the game on Saturday and we have made an official complaint both to Walsall and the Football Association.
We were disappointed by what was said to our players but we have a lot of respect for Walsall Football Club and we know this will be down to individuals.
There is no place for racism either in football or in society and as a Head Coach and as a club we will back our players if they are on the end of it. We have made our statement and gone about things in the right way and will now leave the authorities to deal with the situation.
GAME OFF - Tomorrow's match against Stevenage has been postponed owing to a waterlogged pitch
Saturday's League One encounter between Wolverhampton Wanderers and Stevenage has been cancelled due to a waterlogged pitch at Broadhall Way.