By SABC Sport
15th December 2024
O'Neil had been under pressure for some time but a 2-1 loss to relegation rivals Ipswich Town at Molineux proved to be the final nail in the coffin for the English coach.
The result leaves Wolves on just nine points after 16 games, second-bottom of the Premier League table and in serious danger of the drop.
According to journalist David Ornstein, Wolves have moved quickly in their hunt for a successor and Pereira, who is currently manager of Saudi Pro League side Al Shabab, is their top target.
"Wolves are working on deal to appoint Vitor Pereira as new boss," Ornstein posted on X.
"They are ready to pay release clause in his Al Shabab contract + personal terms are no issue as the 56-year-old is keen on the move.
"Pereira is well regarded, vastly experienced, has won titles, disciplined, has good English."
The report suggests that if Wolves do pay the release clause in Pereira's contract, he could take charge of the club imminently.
Pereira, 56, has plenty of experience at a high level having previous managed the likes of Fenerbahce and Porto. He guided the latter to back-to-back league titles in 2011/12 and 2012/13.
He has always been keen to test himself in the Premier League and came close to taking charge of Everton in January 2022, before Frank Lampard ultimately got the job.
The challenge of keeping Wolves in the top flight will arguably be the toughest challenge of his career to date, but if he keeps up his points-to-game ratio then it will be enough to secure safety.
Wolves have been linked with other managers recently. Former Manchester United boss Ole Gunnar Solksjaer was the Bookies' favourite to replace O'Neil on Sunday morning.
David Moyes and Carlos Corberan have also been linked with Wolves but Pereira now looks to be the man who'll take the reigns at Molineux.
Wolves have a huge game against Leicester City next, before facing Manchester United at home on Boxing Day. They are currently five points away from safety but a win against the Foxes would boost their survival hopes.