But one of their original targets, Alan Curbishley, has again knocked back the midlands club. Curbishley came back into the running as the bookmakers' second favourite on Tuesday evening but does not share Wolves owner Steve Morgan's vision for the future.
It leaves former Sunderland, Birmingham and Wigan boss Steve Bruce as the bookmakers' favourite, but on Wednesday morning he remained frustrated that no contact has been received from Morgan or chief executive Jez Moxey since his initial interview on Friday.
Morgan and Moxey had flirted with the idea of bringing in an up-and-coming manager from the npower Championship but one potential contender, Reading's Brian McDermott, is set to be offered a new contract by the promotion-chasing Royals.
The £2million compensation fee Brighton would demand for Gus Poyet, who is in the first season of a five-year deal, was also a major stumbling block to any potential interest in the Uruguayan.
Blackpool's Ian Holloway and Birmingham's Chris Hughton have also been linked with Wolves as possible contenders.
Although they are also currently with Championship clubs, they have previous Premier League experience with the Seasiders and Newcastle respectively.
But prising them away from their clubs at this crucial stage of the campaign could be a long drawn-out affair.
It all adds up to a frustrating 10 days for Morgan and Moxey since McCarthy's five-and-a-half-year reign was ended.
Caretaker boss Terry Connor is now poised to take charge against Newcastle on Saturday.
Source: PA
Source: PA