Jez Moxey believes Wolves "are just about on schedule" to appoint a new manager in time for Saturday's clash at Newcastle.
Chief executive Moxey confirmed that "second interviews" are to take place with certain candidates - and Steve Bruce is now a clear favourite with the bookmakers.
He impressed when meeting Moxey and Wolves owner Steve Morgan on Friday.
But early favourite Alan Curbishley appears to have slipped out of the running after holding talks with Moxey and Morgan on Thursday.
Moxey said: "What I can say is that I think we are about halfway through the process and it is going well.
"We have seen some very good candidates and have got some more candidates to see and we've got second interviews.
"So far I think we are just about on schedule to keep to what we said which was, if at all possible, that we'd like a new manager in before our away game to Newcastle United.
"We can't be absolutely sure that will be the time frame but ideally that is what we want to do."
Moxey, in an interview with Sky Sports News, added: "This job requires a certain type of manager and someone who is going to give us complete commitment and enthusiasm.
"We would only ever appoint somebody who clearly demonstrated to us that they really want the job.
"It's a big job and an exciting job and I think we'll find the right candidate.
"I hope that our fans understand that this process is continuing and we are still confident in our position in terms of the timing and I am sure we will get a really good candidate."
Lee Clark has become available since being surprisingly sacked as Huddersfield manager.
Moxey said: "We said this was not a job for a novice and I don't want to get drawn on individuals.
"Lee Clark has clearly done a good job at Huddersfield and we are aware of his sudden availability. It is difficult, though, for us to speak of individuals.
"We have given assurances to everyone to protect confidentiality that we would never break confidences."
The World Soccer Shop has the best selection of official Euro 2012 t-shirts and other gear.
Price: $21.99 Buy at World Soccer ShopThe Classic checkerboard jersey of Croatia is ON SALE at the World Soccer Shop.
Price: $54.99 Buy at World Soccer ShopCheck out the cool Sweden away soccer jersey for the Euro. Get in the Gear!
Price: $79.99 Buy at World Soccer ShopEuro holders Spain are eager to add another piece of silver to the collection. ON SALE!
Price: $69.99 Buy at World Soccer ShopSurprisingly Italy has not won the Euro since 1968. Will this be their year? ON SALE
Price: $59.99 Buy at World Soccer ShopThe classic Tango ball will be used at Euro 2012. Get one for your collection.
Price: $149.99 Buy at World Soccer ShopGermany is always a favorite at the European Championships and this year is no different.
Price: $69.99 Buy at World Soccer ShopThe Nike Clash will be all over the soccer pitch at Euro 2012. Get a pair for you.
Price: $219.99 Buy at World Soccer ShopThe Oranje, as Holland's fans refer to the team, is always a force of creative attacking soccer. ON SALE.
Price: $69.99 Buy at World Soccer Shop
Premier League Table
Premier League Fixtures
Premier League Results
EPL Top Scorers
Soccer365's Premier League stats provided by Fox Soccer. Check out the EPL games on the TV Schedule for this week.
Serie A Table
Serie A Results
Serie A Fixtures
Serie A Top Scorers
Soccer365's Serie A stats provided by Fox Soccer. Check out the Serie A games on the TV Schedule for this week.
La Liga Table
La Liga Results
La Liga Fixtures
La Liga Top Scorers
Soccer365's La Liga stats provided by Fox Soccer. Check out the Fox Soccer TV Schedule for this week.
Bundesliga Table
Bundesliga Results
Bundesliga Fixtures
Bundesliga Top Scorers
Soccer365's Bundesliga stats provided by Fox Soccer. Check out the Fox Soccer TV Schedule for this week.
Champions League Table
Champions League Results
Champions League Fixtures
MLS Table
MLS Results
MLS Fixtures
Soccer365's stats provided by Fox Soccer. Check out the Fox Soccer TV Schedule for this week.