Rob Edwards and O'Neil both have past connections with the club
Edwards along with O'Neil are two of the early names in the frame to replace Vitor Pereira as head coach of Wolves.
The previous coach was dismissed on Sunday after the squad's ten-game without a victory start to the Premier League season.
Furthermore both candidates - both of who have previous associations to the club - are part of the names to be considered by the Wolves leadership.
Edwards is currently at another club, which would pose a potential obstacle to his hiring at Molineux.
Nevertheless the former Luton head coach - who played over a century of appearances for the club during his time as a player - is said to be a strong candidate for the position.
The mid-career manager is said to have backing from the club directors as they start the search of appointing a new manager.
Gary O'Neil is also appearing as a unexpected candidate, although he would be a shock appointment considering he was sacked by Wolves in December last year.
The former West Ham player is currently unemployed meaning the club would not be required to pay any compensation.
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