Edwards and O'Neil both have previous connections with the club
Rob Edwards and O'Neil are two of the early names in the frame to succeed Vitor Pereira as head coach of Wolves.
Pereira was sacked on the weekend after the team's ten-game winless beginning to the Premier League season.
And Edwards and O'Neil - each of whom have historic associations to the team - are part of the names to be evaluated by the club ownership.
The manager is currently at Middlesbrough, which would pose a potential hurdle to his appointment at Wolves' stadium.
However the former Luton manager - who played more than 100 of appearances for Wolves during his playing career - is said to be a leading contender for the position.
The mid-career manager is reportedly enjoys support from the Wolves directors as they start the search of hiring a fresh head coach.
O'Neil is additionally emerging as a unexpected contender, although he would be a surprising choice considering he was released by Wolves in the previous winter.
The former West Ham midfielder is out of work meaning the club would not be required to pay any compensation.
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