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.
Wolverhampton has signed Sam Ricketts on a two-year deal after his Bolton contract was cancelled.
The 31-year-old will work again under Head Coach Kenny Jackett, who gave him his first chance in league football by signing him for Swansea a decade ago.
Ricketts said: "I’m excited at what is a great opportunity."
“Dropping down a division doesn’t put me off at all, because of the size of the club.
“Wolves are not a club looking to stay in League One – we are looking forward and looking upwards."
Local charity and football supporters' club, Punjabi Wolves, are today beginning a bike ride from the Molineux Stadium to Paris, to celebrate 150 years of the 'Football Association'.
Twenty cyclists – and a Punjabi rickshaw with a life size cut-out of Wolves legend Billy Wright – are taking part in the 430 mile trip to the Eiffel Tower, where the group will be treated to a Champagne Reception.
The group will be carrying banners supporting the armed forces and a logo on their kit paying tribute to Drummer Lee Rigby who was killed in Woolwich last month.
Wolves have confirmed that Karl Henry, Stephen Ward, Jamie O'Hara and Roger Johnson have all been transfer listed.
Kenny Jackett, the new Head Coach at the League One side, spoke to the four players this morning, as his squad returned for pre-season training.
The new Wolverhampton Wanderers manager has a different job title - 'head coach' - so a slight change of direction, as Steve Clamp reports.
New Head Coach at Wolves, Kenny Jackett, has today told ITV News Central that changes are inevitable before the next season.
He told Sport Correspondent Steve Clamp, that the club needs 'some adjustment' following two consecutive relegations.
Kenny Jackett has become the fifth manager in 15 months, at Wolverhampton Wanderers. The 51-year-old has signed a 12-month rolling contract to replace Dean Saunders. Speaking of his appointment, he said he was very proud to be the head coach at Wolves.
– Kenny Jackett, Wolves Head Coach
"It's a big challenge to get the club back to where it wants to be. Every team will come to Wolves and treat it like a cup final. We have to be prepared for that."
Chief Executive, Jez Moxey was full of praise for his new appointment and accepted things had gone wrong in the past.
– Jez Moxey, Wolves Chief Executive
"I could spend all day talking about the mistakes we've made in recent months. We're a big club, but we're not too big to realise our mistakes."
Jackett will be talking to Director of Football, Kevin Thelwell about the future of the playing squad. With many players on big salaries,there will almost certainly be a clear out, before new names are brought in.
New boss at Wolverhampton Wanderers, Kenny Jackett, today said he is proud to be Head Coach at a 'fantastic club', and that he already has 'ideas for the squad'.
He was announced as new Head Coach on Friday.
There is no news on whether Jackett will bring any staff with him, Wolves have announced. The club said he's going to assess what he's got before he makes any recommendations.
Wolverhampton Wanderers new boss Kenny Jackett has been meeting the media for the first time. He is on a 12 month rolling contract and will be the club's head coach, rather than manager.
However, he will still have the final say on which players are signed. He told ITV Central's Sports Correspondent Steve Clamp he expects to sell players when the transfer window opens. Jackett says he wants to recruit players who are "fit for purpose"
New Wolverhampton Wanderers Head Coach Kenny Jackett will be unveiled by the club today.
A press conference is due to take place at the club's training ground at 10am.
Jackett quit Millwall earlier this month.