Wolves are set to revert to their original plan of seeking a manager with Premier League experience to replace the sacked Mick McCarthy.
But one of their original targets, Alan Curbishley, has again knocked back the Midlands club.
Curbishley came back into the running as the bookmakers' second favourite on Tuesday evening but does not share the Wolves owner Steve Morgan's vision for the future.
It leaves the former Sunderland, Birmingham and Wigan manager Steve Bruce as the bookmakers' favourite, though on Wednesday morning he remained frustrated at the lack of contact from Morgan or the chief executive Jez Moxey since his initial interview last Friday.
Morgan and Moxey had flirted with the idea of bringing in an up-and-coming manager from the Championship. But one potential contender, Reading's Brian McDermott, is set to be offered a new contract by the promotion-chasing Royals.
The £2million compensation fee Brighton would demand for Gus Poyet, who is in the first season of a five-year deal, was a major stumbling block to any potential interest in the Uruguayan.
Blackpool's Ian Holloway and Birmingham's Chris Hughton have also been linked with Wolves and though they are also with Championship clubs, they have previous Premier League experience with the Seasiders and Newcastle respectively.
But prising them away from their clubs at this stage of the campaign could be a long drawn-out affair. It all adds up to a frustrating 10 days for Morgan and Moxey since McCarthy's five-and-a-half-year reign was ended.
The caretaker manager, Terry Connor, is likely to take charge against Newcastle on Saturday.