The club are languishing in the Premier League relegation zone after a damaging 4-0 defeat to Everton on Wednesday night as the travelling fans turned on O'Neil and called for him to be sacked.
Wolves have managed just nine points in 14 games this season and it is understood that Wolves are considering a change.
The attitude of the players in that defeat to the Toffees was particularly alarming, as the squad appear to have lost faith in O'Neil's methods, and the club's hierarchy are looking at potential replacements for the 41-year-old.