Former Wolverhampton Wanderers midfielder Alex Rae believes that it is imperative that the club take their time in finding a replacement for Dean Saunders.

The Championship outfit announced their decision to dismiss Saunders today following their fall into League One on the final day of the campaign.

"I feel sorry that Dean has lost his job but sad and disappointed at what's happened at the club," Rae told the Express & Star.

"They need to take time to consider their next move now. There will need to be a big rebuilding job. I can't believe it has come to this."

The likes of Darren Ferguson, Owen Coyle and Gary Megson have emerged as potential contenders for the vacancy.