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 Wanderers fans have congregated outside Molineux to pay their respects to former player and club legend, Dave Wagstaffe, as his funeral procession made its way to the stadium.
'Waggy' as the Wolves fans called him, was a part of the team team that won the 1974 League Cup.
A video has been produced by Wolverhampton Wanderers to commemorate the life and playing career of Dave Wagstaffe.
The funeral of Wagstaffe is taking place today.
Members of the football community are paying their respects today to former Wolverhampton Wanderers player, Dave Wagstaffe, whose funeral is being held today.
'Waggy', as he was known by the Wolves faithful, died on August 6th. He helped the club to League Cup victory in 1974.
Thoughts with the family and friends of Dave Wagstaffe today as Waggy is laid to rest. Fans are welcome at the... http://t.co/h0ZMjlyvUH
Wolves manager Kenny Jackett has told ITV News Central there is still a place in the team for want-away striker Kevin Doyle.
Jackett admitted Doyle was likely to be sold as Wolves try to bring their wage bill down but said there was no reason he would not pick the striker while he was available to the club.
Wolverhampton Chief Executive, Jez Moxey, says he's pleased with the club's revamped disability lounge, which officially opens today.
The lounge will be dedicated to disabled supporters, and provide them with refreshments and the opportunity to watch the football on a special TV screen.
– Jez Moxey, Wolverhampton Wanderers Chief Executive
This excellent facility further underpins our support for our disabled fans by offering them a focal point to meet on match-days, enjoy some refreshments, and no doubt discuss all the Wolves-related issues of the day.
Wolverhampton Wanderers fans with disabilities are to get a larger revamped lounge on match-days.
The new lounge will be within the Stan Cullis stand at Molineux, and commemorative plaques will be unveiled to mark the opening later today.
Facilities include wheelchair friendly access, free refreshments, and specially commissioned photographs with first team players.
Police have issued a new appeal for nine people who invaded the pitch during Wolves' loss to Burnley at Molineaux in April.