Rob Edwards together with O'Neil both have past connections with the club
Edwards along with O'Neil represent the early candidates under consideration to replace the former manager as manager of Wolves.
The previous coach was sacked on Sunday following the team's ten-game without a victory start to the Premier League campaign.
And Edwards and O'Neil - both of who have previous links to the club - are among the names to be considered by the Wolves ownership.
The manager is presently at another club, which would pose a possible obstacle to his hiring at Wolves' stadium.
However the ex- Luton Town manager - who played more than 100 of games for Wolves during his time as a player - is considered a leading candidate for the vacancy.
The 42-year-old is said to have backing from the Wolves directors as they start the search of appointing a new head coach.
Gary O'Neil is additionally emerging as a unexpected candidate, although he would be a shock choice given he was released by Wolves in December last year.
The ex- West Ham United player is currently unemployed meaning the club would not need to pay any compensation.
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