Dean Saunders took over in January this year and won just five of the 20 matches he was in charge for. The club will now be looking for their fifth manager in fewer than 15 months. Watch Michael Sibert's report.
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.