Edwards together with Gary O'Neil both have previous connections with the club
Rob Edwards and O'Neil represent the early candidates under consideration to succeed the former manager as manager of Wolves.
The previous coach was dismissed on the weekend after the squad's 10-match winless start to the top-flight season.
And both candidates - each of whom have historic associations to the team - are part of the options to be evaluated by the Wolves leadership.
Edwards is currently at another club, which would create a possible hurdle to his hiring at Wolves' stadium.
However the former Luton Town head coach - who made more than 100 of appearances for Wolves during his playing career - is considered a strong candidate for the vacancy.
The 42-year-old is said to have backing from the Wolves directors as they begin the search of hiring a fresh manager.
O'Neil is also appearing as a surprise contender, although he would be a shock appointment considering he was sacked by the club in December last year.
The ex- West Ham United midfielder is out of work meaning the club would not need to pay any compensation.
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