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.
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.
– Kenny Jackett, new Head Coach at Wolverhampton Wanderers
“I am both proud and delighted to have been appointed Head Coach at Wolves, and am really looking forward to the challenge ahead,”
In the last few minutes Wolves have confirmed their new Head Coach is Kenny Jackett.
More to follow...
Reports today suggest Wolverhampton Wanderers' search for their new head coach may be over.
They claim long-time bookies favourite Kenny Jackett has been offered the role at the helm of the League 1 club, and is due to be formally appointed early next week.
It is understood that technicalities regarding his resignation from Millwall earlier this month are the main hold-up, but Wolves believe they will not be a major problem.
Wolves defender, Jody Craddock, has announced his testimonial year, after confirming his retirement from professional football at the age of 37.
“I always loved playing for Wolves, and gave it my all, and am looking forward to sharing this year with the club’s supporters."
Speaking about Toby, Craddock said:
– Jody Craddock, Wolves defender
"He is currently doing really well, and the care and support both he and our whole family have received from the hospital has been second to none.
The Hospital is always in need of extra funding to help their facilities for both patients and their families, and at the moment are involved in a big appeal for a new Children’s Cancer Centre.
Toby is progressing really well, but is still undergoing regular treatment, and it will be great if we can help out the Hospital with their appeal."
Wolves defender, Jody Craddock, has confirmed his retirement after ten years' service at Molineux.
Ron Flowers is visiting the Royal Air Force Museum Cosford today to help the museum with a project which is examining the lives of footballers who served in the RAF both during and after the Second World War.
RAF Museum Cosford Education Officer, Philip Clayton said:
"Ron served for the RAF as part of his National Service and was called up just two weeks before his eighteenth birthday.
He must have some affectionate, as well as hilarious reminiscences during the time known as 'brasso, blanco and bull.' I wonder how many footballers would manage this change of life today."