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Wolves have confirmed the departure of boss Julen Lopetegui.
Reports indicate that ex-Bournemouth head coach Gary O'Neil is set to take over in time for the opening weekend of the 23/24 Premier League season.
In a statement on their club website, Wolves outlined: "Talks have been ongoing in recent weeks, held with the utmost respect and cordiality, affording the club time and space to begin work on finding a successor, while also ensuring that Julen and his backroom staff could continue their planned preparation to ensure the playing squad would be in the best possible condition for the start of the Premier League season"
Lopetegui added: “I wish Wolves and everybody at the club the very best of luck for the future, and thank them for the opportunity granted at the time to take charge of this wonderful club.
“It has been an honour to enjoy this adventure in the day-to-day company of Matt Hobbs, Matt Wild, head of player care Lisa Hollis and every single employee of the club; whom I wish to thank for their support and help at every moment.
“Also, of course, I want to thank the players, who have always given the maximum to achieve our objectives, and especially the fans that made me feel like one of them from the very first moment and have always been amazing to me, my staff and my family.”
it comes after Lopetegui found himself increasingly frustrated by a lack of investment in the playing squad this summer amid financial fair play constraints, with a number of first team departures.
Ruben Neves left for Saudi Arabian club Al-Hilal for a £47million fee while Nathan Collins was sold to Brentford for £23million.
Leicester paid £7.5million to bring in Conor Coady, with Raul Jimenez another departure as he joined Fulham for £5million.
João Moutinho and Adama Traore also left following the conclusion of their contracts.
Matt Doherty's free transfer return is the only new senior arrival so far. Matheus Cunha and Boubacar Traore saw their loan moves converted into permanent ones.
Sporting director Matt Hobbs said: “On behalf of everyone at the club I’d like to thank Julen and his staff for their dedication and hard work during their time at the football club. They were brought in with the primary aim of keeping the club in the Premier League last season, an objective which they achieved with games to spare.
“While our ambition had been to move into the new season together, it is public knowledge that there were differences of opinion on some key topics, and it was agreed by all parties that it would be best to part ways ahead of the new campaign.
“After a successful pre-season, full of hard work and good performances, Julen and his staff leave the squad in great shape ahead of the season opener next week, which will give his successor the best possible platform for success.
“We wish Julen and his team the very best of luck for the future, and they will always be welcome at Wolves.”
Lopetegui arrived at Molineux with the club bottom of the table in December and steered them to 13th, seven points clear of the relegation zone.
O'Neil has been out of work after being sacked by Bournemouth in June. He retained their top-flight status but the Cherries opted to appoint Andoni Iraola as his successor.
Wolves begin their season with a trip to Old Trafford to face Manchester United on Monday.