Sources say the former Wales international has been offered the Wolves job – just an hour after Saunders was dismissed earlier today.

But there has been no confirmation as yet from Molineux.

The 51-year-old's departure from the New Den was announced little more than an hour after Saunders' sacking and he is now among the bookies' favourites for the Molineux hot-seat.

In a statement on the Lions' website, Jackett stated he felt the time was right for a new challenge.

He said: "After almost six seasons I personally feel the time is right for a new challenge and also for a new manager to come into Millwall with fresh ideas.

"They could take the club forward towards its long term goal of reaching the Premier League."

While he may not be near the top of many Wolves fans' wish list, the former Wales international has experience of taking charge at a struggling club and winning promotion from League One.

Following his appointment in November 2007, Jackett was credited with transforming the Millwall's fortunes and led them to promotion in 2010 via the play-offs.

Advertising

But the last two years have seen them struggle and despite reaching this year's FA Cup semi-finals, their Championship survival was in doubt until the final day of the season.

They eventually finished 20th, two points clear of the relegation zone. Owen Coyle and Gary Megson are other contenders to take the job.

Making the decision now gives Wolves time but also suggest they know who they want and are prepared to make their move.

Coyle took Burnley into the Premier League and was a qualified success at Bolton, his last job.

Chief executive Jez Moxey worked with Megson at Stoke but his strong Albion connections and penchant for direct football could make him an unpopular choice..