The Frenchman believes that the lure of the English top-flight may be tempting, especially as this will be a new challenge with a team at the wrong end of the table. He added that the Portuguese's "fierce character" could fire Wolves to safety.
He told JeffBet: "Jose Mourinho is not having the best of starts at Benfica, but you never know with him. Mourinho loves the Premier League and managing a team like Wolves could be something completely different for him. He's used to teams with big players and a lot of money, trying to avoid relegation is something unexpected from Mourinho. Why not? Wolves are linked with many Portuguese people, and have been for years now, so it would probably suit Mourinho. It would be a huge battle for him though, Mourinho is a fierce character and maybe Wolves need his fighting mentality to stay in the Premier League. For me, I'd be happy to see Mourinho back in the Premier League and managing Wolves."
Petit added that his old Arsenal team-mate Patrick Vieira and Liverpool legend Steven Gerrard should not go to the West Midlands outfit.
"No, Patrick Vieira shouldn't take the Wolves job. Vieira has been let go in a few jobs now, so I think he would benefit from a more stable environment. I'd wish Vieira and Steven Gerrard a lot of luck if they decide to manage Wolves, but there would be some tough moments, and they would need to learn how to get through that," he added.