Former Rangers manager Walter Smith has rejected the chance to take charge of Wolves as Mick McCarthy's successor, Press Association Sport understands.
Smith is understood to have held talks with Wolves owner Steve Morgan and chief executive Jez Moxey about taking the post until the end of the season after emerging as the favourite to step into the breach
The 63-year-old has been out of football since ending his second spell in charge of Rangers at the end of last season but has declined the opportunity to return to management in the Barclays Premier League.
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