Alan Curbishley has pulled out of the running to succeed Mick McCarthy as Wolves manager, BBC Sport understands.
The former Charlton and West Ham boss is believed to have dropped out because he and chairman Steve Morgan did not share the same vision for the club.
Curbishley, 54, was interviewed for the job along with former Sunderland boss Steve Bruce and Neil Warnock.
"Wolves chairman and owner Steve Morgan is finding the task of replacing Mick McCarthy harder than ultimately firing him. McCarthy's successor may not be in situ before the next match. That was not in the script when the club talked bullishly last week about the job being the ideal fit for someone used to winning Premier League games, and that the successful applicant must fit in with the DNA of the club, rather than the other way round"
has since taken over at Leeds,
leaving Bruce as favourite to take over the Black Country side.
Bruce, who has 10 years' experience as a Premier League manager, is available after being sacked by Sunderland in November 2011.
The 51-year-old cut his managerial teeth at Sheffield United in the 1998-99 season and also had short spells as boss at Huddersfield, Wigan and Crystal Palace before moving to Birmingham in December 2001.
He spent almost six years at St Andrew's, guiding the club to promotion to the Premier League in his first season and, following relegation in 2005-06, he took the club straight back up.
Bruce left Birmingham for a second spell as Wigan manager in November 2007 before moving on to Sunderland in the summer of 2009.
Wolves are understood to want to hold a second round of interviews with potential candidates, although chief executive Jez Moxey said last week that he was confident of appointing a new manager before the game against Newcastle on 25 February.