Wolves have been relegated from the Premier League after a 2-0 defeat to Manchester City on Sunday.
Goals from Sergio Aguero and Samir Nasri condemned the west Midlands outfit to the Championship for the first time since they won the division three seasons ago.
The club replaced Mick McCarthy with first-team coach Terry Connor in February, after reportedly failing to tempt the likes of Alan Curbishley to take on the hotseat, and the Molineux outfit have continued to struggle during his 10-game tenure in charge of the side.
Forward duo Steven Fletcher and Kevin Doyle could be amongst the club's players who will head for the exit door in the summer.
Reading have confirmed their promotion to the Premier League and will be one of the side's to fill Wolves' vacant spot in the top-flight.
The Royals could be joined by Southampton who need just two points from their remaining games to confirm their Premier League return for the first time since relegation in 2005, whilst West Ham, Birmingham and Blackpool will all be bidding for an immediate return via the play-offs, with one of Cardiff and Middlesbrough also in contention.