Former Wales defender Edwards, 42 - who earned 15 caps during his playing career - is currently in charge of Middlesbrough, where he has guided the Championship club to second in the table.
But that has not stopped him being linked with Wolves after the Premier League club opted to end Portuguese coach Pereira’s turbulent tenure at Molineux after a winless start to the season.
Wolves are the club at which Edwards spent the best years of his playing career – playing more than 100 games between 2004 and 2008.
He later worked in the club’s academy system before taking interim charge of the first team in 2016.
His deep knowledge of the club’s culture, along with his impressive coaching record, would make him a popular choice among supporters.
Edwards is among several names reported to be under serious consideration to replace Pereira, who was dismissed on Sunday following a 3-0 defeat to Fulham — a result that left Wolves bottom of the Premier League with just two points from ten matches.
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Alongside Edwards, former Wolves head coach Gary O’Neil and ex-Middlesbrough boss Michael Carrick are also being discussed by the club’s hierarchy.
O’Neil, 42, was sacked by Wolves in December 2024 — less than a year ago — despite steering the side to a comfortable mid-table finish in his first season.
He had been appointed only days before the start of the campaign following Julen Lopetegui’s resignation.
His departure came after taking just six points from the opening 19 games of last season, leading to Pereira’s appointment.
Carrick, meanwhile, remains highly regarded despite being dismissed by Middlesbrough in the summer.
The former Manchester United midfielder transformed Boro from relegation candidates to play-off contenders in his first season in charge, and is seen as a calm and analytical coach who might suit Wolves’ squad profile.
Yet it is Edwards who appears to have gathered the most momentum.
Having guided Luton Town to promotion to the Premier League in 2023 and then rebuilt his reputation swiftly at Middlesbrough, his credentials are widely admired.
Any approach, however, would require compensation, with Edwards under contract at the Riverside Stadium until 2028.
Wolves’ executive chairman Jeff Shi confirmed the Pereira decision had been made reluctantly but described the team’s form as “a disappointment” that required “an immediate change.”
“Vitor and his team worked tirelessly for Wolves and helped guide us through a challenging period last season, for which we are grateful,” said Shi.
“Unfortunately, the start to this season has been a disappointment and, despite our strong desire to give the head coach time and matches to find an improvement, we have reached a point where we must make a change.”
Pereira’s departure came just six weeks after he signed a contract extension through to 2028 — underlining how dramatically fortunes have shifted at Molineux.
The former Porto and Fenerbahce boss, who had guided Wolves to safety last season with a run of six straight wins in March and April, has left alongside his entire backroom staff.
His tenure ends with Wolves having scored the joint fewest goals in the division and possessing the league’s worst defensive record.
In a statement, Pereira thanked the club and its supporters:
“It has been a privilege to manage Wolverhampton Wanderers and experience unique moments with this club and its supporters. I would like to thank the club's owners for their trust, the players for their hard work and commitment over these months, and all the staff for making me feel part of the family. I wish the club all the best for the rest of the season.”
In the short term, under-21 coach James Collins and under-18 coach Richard Walker will oversee first-team training while Wolves finalise their next appointment.
For Wolves, the next appointment carries enormous weight.
The club sit eight points adrift of safety and have not won a Premier League game since April 26, when they defeated Leicester City.
