Edwards and O'Neil both have past links with the club
Rob Edwards along with O'Neil are two of the initial candidates in the frame to replace the former manager as head coach of Wolves.
The previous coach was sacked on Sunday after the squad's 10-match winless beginning to the top-flight campaign.
And Edwards and O'Neil - both of who have previous associations to the team - are among the options to be considered by the club ownership.
The manager is presently at Middlesbrough, which would create a possible hurdle to his appointment at Molineux.
However the former Luton Town manager - who made more than 100 of games for the club during his playing career - is considered a strong candidate for the vacancy.
The mid-career manager is said to have support from the club board as they begin the process of hiring a new head coach.
O'Neil is additionally appearing as a surprise contender, although he would be a surprising appointment given he was sacked by the club in December last year.
The ex- West Ham player is currently unemployed which means the club would not need to provide any compensation.
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