Manager Dean Saunders has been informed by Wolves that his contract is to be terminated. The decision has been made following confirmation of Wolves’ relegation to npower League One.
Assistant Manager Brian Carey will also be leaving the Club.
Wolves have now begun a recruitment process, which, in conjunction with the Board, will be managed by Head of Football Development & Recruitment Kevin Thelwell.
The Club will now take as long as is necessary to make this crucial appointment and there will be no publicly communicated timescales.
Wolves also thanked Dean Saunders and Brian Carey for their efforts in what they say has been 'a very difficult period for everyone'. The club wished them both the very best for the future.
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.