Megson took West Brom into the Premiership twice

Gary Megson, Micky Adams, Sir Bobby Robson, Terry Butcher and John Gregory have been linked to replace Dave Jones who was recently sacked.

"Of the large number of applications we received, around 30 were from suitably qualified applicants," said Moxey.

"We have spent some time going through them and selecting a shortlist, who we will interview shortly."

Megson, who parted company with West Brom last week, would represent a controversial choice, with the Baggies being Wolves' main local rivals.

Anyone who starts demanding �10m to spend on players will find out that's not the case here anymore Wolves chairman Rick Hayward

But Wolves chairman Rick Hayward said: "Gary is as realistic a choice as anybody. The West Brom connection doesn't rule him out for me.

"This is a business - you have to get the best person for the job."

He added: "If I thought Gary was the right man then I would have to be prepared to put up with the flak that came with it.

"The fans are terribly important to us but you cannot go around having a referendum."

Wolves are keen to find a quick replacement as they seek to get their season back on track.

Megson is currently on 'gardening leave' from West Brom, while the legal issues surrounding his departure are resolved.