Steve Davis will stay in charge of Wolves until 2023 after QPR's Michael Beale rejected the job.
The caretaker manager took over after Bruno Lage was dismissed earlier this month - on October 2nd.
BBC Sport reports QPR boss Beale was offered the chance to replace Lage, but has turned down the job.
James Collins and Tony Roberts will also continue to work with Davis at Wolves.
The Premier League club stated they do not plan to "rush" the search for a new permanent manager.
