Peterborough United boss Darren Ferguson has emerged as the early bookmakers' favourite to take over as manager of Wolverhampton Wanderers.

The West Midlands outfit have claimed that they will not rush their search for a new permanent manager following the dismissal of Dean Saunders, who took charge of just 20 games at Molineux.

Saunders's fate was sealed when the club dropped from the Championship into League One on the final day of the season, along with Ferguson's Peterborough.

The 41-year-old, who is the son of Manchester United boss Sir Alex, is currently 2/1 favourite on Skybet to take the reins at the club he played for between 1994 and 1999. Ferguson returned to Peterborough for a second stint as manager in 2011.

Gary Megson and Owen Coyle have also emerged as possible contenders.