Pereira was axed on Sunday with Wolves rooted to the foot of the table - and O'Neil quickly became the favourite to make a shock return to the club.
However, he pulled out on Monday evening as Wolves talk to other potential candidates.
In this latest update, Liam Keen joins Jonny Drury to discuss how close the O'Neil deal came - and the letter fans' have sent to the club owners Fosun over the current situation at the club.
Elsewhere, Liam outlines who could be in the frame for the job now, and when an appointment is likely to be made.