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.
Wolves Chairman Steve Morgan releases a statement apologising to fans after the club were relegated to League One.
Norwich City Football Club has suspended two supporters allegedly involved in racist abuse at last Sunday's match against Wolves.
The Canaries said the fans had been banned from attending games at Carrow Road pending the outcome of an investigation.
The club received a number of complaints from Norwich supporters who were at NCFC's opening match of the Championship season at Molineux.
– Norwich City Football Club spokesman.
"If, as a result of our investigation, the club is satisfied any individuals are guilty of racist behaviour, we will issue them with lifetime bans from attending games at Carrow Road."
City has passed its evidence on to police who are also investigating the matter.
Wolves will host Norwich City in their first season back in the Championship on the 9th August.
The fixtures for the new season have been released this morning.
The derby games against Birmingham City will take place at Molineux on 1st November and at St Andrews 11th April.
Two Midland football managers have been honoured by their peers at the League Managers Association's annual awards dinner.
Still celebrating their promotion to the Premier League, Leicester City's Nigel Pearson was crowned Championship Manager of the Year, having sealed the deal with six games to spare and leading the team to a club record of 102 points.
And Wolves' manager Kenny Jackett was named League One Manager of the Year, sharing the honour with Leyton Orient's Russell Slade.
Jackett took over after the club suffered a humiliating double-relegation, with fans' morale at an all-time low - but managed to secure promotion back into the Championship and the title, topping 100 points.
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.
Wolves have condemned a minority of home supporters who took part in pitch invasions during today's game against Rotherham United. They say the referee was close to abandoning the game, which would have "nullified a tremendous victory".
In a post on their official website, the club said they " in the strongest possible terms, have today condemned the pitch incursions from some Wolves fans, which marred the club's 6-4 victory over Rotherham United".
They go on to say "Equally, Wolves would like to thank the vast majority of supporters who stayed off the pitch, and for voicing their disapproval at the minority who chose to enter onto the field of play towards the end of the game, and after the final whistle".
They also said "The minority of supporters have marred a classic game, played in a competitive spirit, and prevented the Wolves players from celebrating with the majority of home supporters in the stadium".
The club said they're now awaiting " an inevitable follow-up from the Football Association". They also thanked the Rotherham United supporters for their understanding and said they "wish them the best for the rest of their campaign".
Crawley 2 - 1 Wolves
Colchester 0 - 0 Shrewsbury
A memorial service for Wolves legend Bert Williams is taking place at a church in Wolverhampton.
The 93-year-old MBE, known as 'The Cat', passed away last month.
Mourners have gathered at a Wolverhampton church to say farewell to Wolves legend Bert Williams.
Bert - who played in goal for Wolves and for England - died last month, aged 93.
The service is being held at St Peter's Collegiate Church this afternoon.
A public memorial service for legendary Wolves goalkeeper Bert Williams will take place today.
The 93-year-old MBE, known as 'The Cat', passed away at New Cross Hospital last month.
Williams started off at Walsall before playing 420 times for Wolves - winning the league and FA Cup - and won 24 England caps.
The service, which will be a celebration of the goalkeeper's life, will be held at 12pm at St Peter's Collegiate Church. Anyone is invited to attend.
Wolverhampton Wanderers have agreed a deal to sign striker Leon Clarke from Coventry City.
The 28-year-old striker has now entered talks and a medical with Wolves and is expected to complete a permanent move.