Next Wolves manager: Former Hull City target and ex-Olympiacos boss new favourite for Premier League job
The Black Country outfit are third from bottom of the Premier League, with just one win from their opening nine games.
It is believed that Lopetegui, who was recently sacked by La Liga side Sevilla, made the decision to turn down Wolves due to family reasons.
Wolves have also been linked with Ruben Amorim, the highly-rated coach of Portuguese side Sporting. However, it has been reported that he has a £20million release clause in his contract.
Wolves’ shortlist is also reported to contain Celtic’s Australian boss Ange Postecoglou and another Portuguese, Pedro Martins, who is currently out of work and was most recently employed by Greek side Olympiacos.
Martins was in talks to take over at Hull City last week but chairman Acun Ilicali revealed on Friday that negotiations had ended, adding “we didn’t feel we were able to meet his demands”.
Next Wolves manager odds (correct as of October 12, 10.30am)
Pedro Martins – 13/8
Julien Lopetegui – 7/2
Rúben Amorim – 7/2
Andre Villas-Boas – 8/1
Bo Svensson – 8/1
Brendan Rodgers – 14/1
Carlos Carvalhal – 14/1
Sean Dyche – 14/1
Sérgio Conceição – 16/1
Nuno Espirito Santo – 18/1