Wolves agree terms with four-time title-winning manager to replace Gary O’Neil after three other rejected approaches

Wolves are in 19th place after 16 games and Ipswich have now opened up a three-point advantage owing to their win at Molineux.

Wolves were already working to replace O’Neil prior to the Ipswich game, one that has hastened the club’s decision making.

Pereira was in the running to become the new Wolves boss back in 2016, 2017 and 2022, but on those occasions they instead turned to Paul Lambert, Nuno Espirito Santo and Julen Lopetegui.

Wolves sources have confirmed that the club have approached former Porto head coach Pereira and terms have now been agreed in principle for him to take charge.

Wolves have again turned to Portuguese super agent Jorge Mendes to finalise a deal as the club will have to buy him out of his contract at current club Al-Shabab in Saudi Arabia.

Molineux chiefs have been doing due diligence on potential options in recent weeks as mentioned but the likes of Sergio Conceicao, Graham Potter and David Moyes all shunned interest.

Source can reveal that former Coventry City manager Mark Robins and current Blackburn Rovers incumbent John Eustace were among the leading candidates the club considered in the last 48 hours.

However, Wolves have turned to Pereira who will become their third Portuguese coach in the last seven years.

In terms of Pereira’s CV, the 56-year-old has won four league titles in his career as manager to date.

Pereira has managed across the world, first securing two back-to-back league titles with Porto in the 2011/12 and 2012/13 seasons.

Then, Pereira became champion of the Greek top flight in 2014/15 before also finding success with Shanghai SIPG in China in 2017/18.

Since that last title win, Pereira had brief spells in charge of Fenerbahce, Corinthians, Flamengo and now Al-Shabab.

And he’ll certainly be hoping for a longer and more successful stay with Wolves.