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.
Around 200 officers will be on duty for the local derby between Shrewsbury and Wolves today.
The game is expected to attract a sell-out crowd of more than 9,000.
Chief Inspector Dave McWilliam, the match day commander, said:
“We are hoping the day will not be marred by trouble but anyone causing problems or involved in disorder, is likely to be arrested.”
Supporters without tickets are being urged not to travel.
Walsall FC have been forced to apologise after an offensive tweet appeared on their twitter feed after their victory over Wolves last night.
Walsall FC would like to apologise for the unsavoury comments that appeared after our Official Twitter account was hacked earlier tonight.
The Saddlers won the away game 1-0 after a winner from Andy Butler.
Police say football hooligans will be dealt with robustly after twenty-three people were arrested at a match involving two Midands clubs in Stoke-on-Trent.
Officers were pelted with missiles and a police car was smashed up. Today, a criminologist told ITV News that lower league clubs can still be volatile places.
A group of football fans arrested after trouble broke out at a local derby match have been bailed.
The 23 people were all detained after problems before, during and after Saturday's League One game between Port Vale and Wolves.
– Staffordshire Police
A detailed investigation is under way into the offences committed and evidence will be put before the courts in relation to the criminal behaviour of those to decided to become involved.
Ch Supt Jon Drake from Staffordshire Police speaks out following the arrest of 23 people after the Port Vale match against Wolves yesterday.
Police say they believe around two-thirds of those arrested after trouble broke out at the Port Vale grounds following the team's 3-1 loss to Wolves were home supporters.
All 23 people arrested by Staffordshire Police have now been released on bail.
Around 2/3rds of those arrested in the disorder are believed to associate themselves with #PortVale - Investigations continue
Police have been pelted with bottles and missiles after trouble broke out between football fans following a highly-charged local derby game.
Officers arrested 23 people when Port Vale entertained rivals Wolverhampton Wanderers in League One yesterday.
Staffordshire Police said it was "confronted by a significant group of home fans" involved in "violent disorder" who had gone out of their way to target police lines.
The force is now scouring CCTV from the day's fixture, which Wolves won 3 - 1, in a bid to trace everybody who had a hand in causing trouble.
Port Vale said it would fully back any police action against any of its fans involved.
Wolverhampton Wanderers have tweeted about violence following the club's 2-1 victory over Crawley Town in League One.
Hearing reports of bricks being thrown at a Crawley fans coach in City Centre.Wolves officials have spoken to Police-it's being investigated
Unaware yet if those responsible are Wolves fans but either way, sorry to those Crawley fans affected after they were brilliant on the night
Am sure all Wolves fans would join us in condemning the actions of these mindless idiots towards visiting Crawley supporters.
Wolves 2 - 1 Crawley Town - full report