Steve Davis will remain as the interim head coach.
Bruno Lage was sacked as the club's manager on October 2 and the 57-year-old has overseen one win and two defeats in his three games in charge.
Wolves spoke to a lot of those who were in the running for the job. They don't feel that any of the options are right for the club.
The board has one eye on the World Cup, as well as any potential options that emerge after it ends.
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Mick Beale turned down an approach from Wolves because he didn't think it was the right time.
Wolves were disappointed they couldn't get Beale, but respect his decision to stay at Queens.
In a statement on the club's official website, Wolves chairman Jeff Shi said: "Steve and his team have been in interim charge of the first team, we have already seen improvements to the group, with the players responding well to their methods and the changes they have started."
Steve knows the culture and standards at this club and we want to give him and his team clarity on their positions and allow them the best chance for success.
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We have complete faith in their ability and leadership to continue their roles into the World Cup break and new year, even though there are no outstanding candidates to appoint on a permanent basis.
We won't compromise on our approach to appointing the perfect fit for our club, our squad and the role of head coach at Wolves, and we will not rush our search for a new permanent head coach.
Julen Lopetegui had turned down the role due to family reasons.
October 23, 2 pm.
The game is played on October 29 at 3pm.
The November 5, 3pm event is in BRIGHTON.
The third round of the Carabao Cup will be held on November 9.
November 12th at 7.45pm.
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