Watch more of our videos on ShotsTV.com
and on Freeview 262 or Freely 565
With Wolves sitting second bottom of the table and following a run of four defeats, O'Neil, who has been under significant pressure in recent weeks, was sacked on Sunday morning.
Now the search is on for his replacement, with the club expected to appoint a new boss in time for their clash with Leicester City.
The early odds have seen Ole Gunnar Solskjaer installed as the favourite to land the job in the Molineux dugout.
Solskjaer, who has been out of work since being sacked by Manchester United, was spotted at Molineux ahead of their defeat to Ipswich Town on Saturday.
In at 4/1 are West Brom boss Carlos Corberan and former West Ham manager David Moyes.
Moyes has been out of work since being sacked by West Ham in the summer, while Corberan has had two successful season at rivals Albion, and has been linked with a handful of other Premier League jobs.
He is currently 2/1, with former Inter Milan midfielder Sérgio Conceição is 8/1 to make a move to the Premier League.
The ex-winger, who won three titles in Portugal during a seven year spell with FC Porto, left the club back in June.
Former Olympiacos manager Pedro Martins, who is currently in charge at Qatari side Al-Gharafa SC is another name that has been mentioned.
And others who have been given odds of 20/1 include Jose Mourinho, Michael Carrick, Graham Potter and Scott Parker.