Wolves' caretaker boss Terry Connor has been appointed as manager of the club until the end of the season.
Connor has been at the club for 13 years and has served under four different managers, while he was Mick McCarthy's assistant for the majority of his time at Wolves. He will now take charge for the final 13 games of the season with a trip to Newcastle first up on Saturday.
A statement on the Wolves site read: "Wolves are pleased to announce that Terry Connor is to take on the managerial reins at Molineux until the end of the season."
"Since we made the difficult decision to part company with Mick, we have been through a diligent process of assessing potential candidates," added chairman Steve Morgan. "Having spoken to a number of people we have drawn that process to a close and myself and the Board are unanimous that Terry is the right man to lead the Club for the remainder of the season.
"This is a decisive step, which creates certainty, and the players are fully behind it. As a club, whether that be staff or supporters, we now all need to unite behind Terry and the players and secure as many points as possible over the next 13 games."
Earlier Connor had pleaded for club owner Morgan and chief executive Jez Moxey to be given time to find the right successor to sacked manager McCarthy and admitted he could be interested in the role.
Morgan and Moxey have so far drawn a blank in replacing McCarthy full-time after failing with approaches to the likes of Alan Curbishley, Brian McDermott, Gus Poyet and Walter Smith. Connor had claimed on Thursday that he could be tempted if things went his way.
He said: ''I have worked all my life to try and better myself. I've been a player, youth team, reserve team, assistant manager and been on my courses for management.
''I've worked towards possibly being a manager someday but right now I'm employed now by the club as assistant manager. They want to appoint a new manager and I'm just looking after things until decisions have been made."
Former Wolves defender Joleon Lescott, now at Manchester City, believes Connor is one of the best coaches he has worked with.
''TC is one of the most influential coaches I have worked with in my career - and that includes everyone I have worked with. I owe him a lot," Lescott said. "There are many other things he told me at the time that I maybe didn't realise immediately but then, as I developed in my career, started to work really well.
''He's a proper football man, and probably one of the most knowledgeable about the game that there is around and helped to develop people like Matt Jarvis and Michael Kightly.''
''TC had a lot of respect from the players at the time when I was there and I am sure that will be the same from the lads who are at Wolves now.
''He was always such a focused and determined person and everything was so well organised that, if he is in charge of Wolves on Saturday, they will certainly be well prepared.''