Hayward, who is part of the club's football leadership team, knows Edwards well having first worked with him at Wolves in 2008 and on several occasions throughout both their careers, including at Edwards' old club Forest Green Rovers.
Taking over a club rock bottom of the Premier League and facing the prospect of relegation, Hayward has faith that Edwards can change the culture at Wolves and begin to drag them up the league table.
He said: “Rob is someone that we know well at the club and someone who I've personally worked with before, both here and elsewhere.
"I think he's going to be a great appointment for the club and hopefully can help get us back on track and inject a lot of positivity and energy into the playing group, and also the staff and everyone around the club. I think he can really help with that energy, that positivity.
“There's definitely a lot of excitement here amongst the staff, both ones who've known and worked with him before, but then also ones who haven't have heard good things about him from his time here before. I think a lot of people are excited to get working with him.
“Everyone's going to want to do absolutely everything they can to try and get the most out of this playing group, to try and get us where we need to be, which is obviously a lot higher up the table than we are at the moment.
"Everyone's going to be pulling together to make sure we're giving everything we can to get this thing turned around.”
Wolves have just two points from 11 games and face a huge task to salvage their Premier League status, but Hayward believes the quality in the squad is strong enough to pull it off.
“Everyone wants it to turn around," he added.
"I think we've got to do everything that we can to work as hard as we possibly can to make sure we do turn it around.
"There's a lot of positivity and a lot of confidence here that we've definitely got enough in the playing group to get more from every one of the players, to allow us to get the points on board that we need to do to get ourselves back into a much better position in the table.”