Edwards and O'Neil both have past links with the club
Edwards and O'Neil are two of the initial names under consideration to replace Vitor Pereira as head coach of Wolverhampton Wanderers.
The previous coach was sacked on the weekend after the squad's 10-match winless start to the Premier League campaign.
Furthermore Edwards and O'Neil - both of who have historic links to the club - are part of the names to be considered by the club leadership.
The manager is currently at another club, which would create a potential obstacle to his appointment at Wolves' stadium.
Nevertheless the former Luton Town head coach - who played over a century of games for the club during his time as a player - is considered a leading candidate for the position.
The 42-year-old is said to have support from the club directors as they begin the search of appointing a new manager.
Gary O'Neil is additionally emerging as a unexpected contender, although he would be a surprising appointment given he was sacked by the club in the previous winter.
The former West Ham United player is out of work meaning Wolves would not need to pay any buyout fee.
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