Crewe Alexandra manager Steve Davis is favourite to become the new Wolves head coach, as bookmakers cut his price to odds-on.

Wolves's search has been stepped up since the return of chief executive Jez Moxey from a short break.

And 47-year-old Davis, a boyhood Wolves fan, is now understood to have been interviewed for a second time on Wednesday by officials at Molineux.

The decision may depend on how much control the new head coach is handed.

In preparing to play in the third tier of English football for the first time since 1989 after successive relegations, Wolves have already opted to follow the example of neighbours West Brom, who have established themselves in the Premier League since appointing Roberto Di Matteo as their first head coach four years ago.

Steve Davis in management 2003: First job came at Northwich Victoria. But, having been appointed player-manager in June, he resigned in September, with his side second bottom of the Conference.

2004: Returned to management at Nantwich, earning FA Vase glory with victory over Hillingdon Borough at St Andrew's in May 2006.

2009: Left Nantwich to return to Crewe, where he had spent four seasons as a player, as number two to Dario Gradi.

Nov 2011: Succeeded Gradi as manager, since when he has led the Alex to two Wembley wins

Working alongside sporting and technical director Dan Ashworth (now the FA's director of elite development), Di Matteo won promotion back to the Premier League in his first season in charge and, although he was then sacked in February 2011, replacement Roy Hodgson kept the Baggies up.

He then led them to 10th in his second season at the helm before moving on to become England boss.

And Steve Clarke has maintained that momentum to lead the Baggies to eighth this season - their best finish since 1982.

After removing four managers in 15 months, while becoming the first side in English football to twice descend from the top flight to the third tier in successive years, Wolves are now looking for a similar blueprint to bring back some stability to Molineux.

Davis's initial reaction, after the bookies tipped him as a potential successor to Dean Saunders, who was sacked following Wolves's second successive relegation, was to say that he would not be applying for it.

"It's no secret I'm a Wolves fan," he said. "But I didn't anticipate to be anywhere near in terms of that job. I'd imagine they would look for someone fairly experienced."

But he did discuss the Wolves job specification with BBC Radio Stoke.

"Obviously they are looking for someone who can change the philosophy of the club, change the way they play and get the players that can do that within the budgets and constraints after relegation," said Davis.

"I think what they are probably looking for is someone who will look after the team.

"The role of the manager now, who used to look after everything at a football club, is a very difficult task."