Wolves want a manager with plenty of experience to succeed Mick McCarthy, according to chief executive Jez Moxey.
McCarthy was sacked from his role on Monday, the day after a 5-1 home defeat by Black Country rivals West Brom.
"It is not a job for a novice," Moxey told BBC Radio 5 live.
"We have to work quickly, we have to get the right manager in, but we are open-minded about what shape and form that takes, whether it is short term or long term."
Their latest defeat leaves Wolves in the relegation zone on goal difference.
They have 13 Premier League matches remaining to avoid a return to the Championship for the first time since McCarthy won promotion to the top flight in 2009. Wolves job not for novice - MoxeyWolves job not for novice - Moxey
Steve Bruce, who was sacked by Sunderland in November, and Alan Curbishley, whose last managerial role ended in September 2008 when he resigned as West Ham boss, have been touted as possible successors.
"It is a difficult job, it is a big job, it is an attractive job," added Moxey.
"We are a stable club and we think we are very good people to work with.
"We have got a great set of fans, a beautiful stadium and a great history. We are in the Premier League and we want to stay in the Premier League so I think we have a lot of positives to attract the right candidate."
Moxey denied the dismissal of McCarthy was in reaction to the side's capitulation against their local rivals less than 24 hours previously.
"The West Brom result was devastating for everyone and to coin a phrase it was perhaps the nail in the coffin," he said.
"But it was not about West Brom. It was about the fact that we had 14 points from the last 22 games."
Moxey joined the Wolves board in June 2000, since when both Dave Jones and Glenn Hoddle have managed the club before McCarthy's appointment in July 2006.