Caretaker manager Steve Davis has welcomed the clarity at Wolves after it was confirmed that he will remain in charge until the new year.
The 57-year-old will keep his current role until 2023 after QPR head coach Michael Beale decided against moving to Molineux.
Beale said: “One thing’s for sure is Wolves are a fantastic football club, they’re a historic football club.
“It was a real privilege to be asked to go to speak to them but I didn’t think it was the right moment because I entered into an agreement here.”
Ex-Spain and Real Madrid boss Julen Lopetegui has also turned down Wolves for personal reasons.
They have been looking for a new manager since Bruno Lage was sacked earlier this year.
Wolves have acted to ensure stability at the club as they attempt to move out of the bottom three in the Premier League.
They host fellow strugglers Leicester on Sunday in the bottom three on goal difference and Davis wants to plan for the future.
He said: “It’s nice now to be able to look forward. It’s nice to know there is some longevity in it, previously we were working day-to-day and game-to-game.
“I had a good chat with Jeff (Shi, chairman) about how it might look and how the future looks. I’m not stupid, results are important and before we get to the World Cup we want to get as many points and wins as we can.
“The chat was about that. Now it’s about me leading the group and the team and trying to be really positive.”
Davis confirmed the club is looking to add another coach with former Watford boss Rob Edwards – who was interviewed for the top job having worked at Molineux as a coach – linked again.
“It’s difficult, I know Rob and worked with him in the Under-21s. We have spoken about that and adding extra help,” he said. “There is scope to bring another one in.”
Davis added: “The focus is on Leicester. I watched them on Thursday (a 2-0 win over Leeds). I thought they were very good.
“We know the task ahead. We are positive and we think we can get some points.”
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