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.
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
Wolves 1 - 0 Crawley
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.
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.