Odds correct at 1035 GMT (16/12/24)
Pereira is currently manager of Al Shabab in Saudi Arabia and has managed all over the globe. He's had spells in Brazil, Turkey, China, Germany and Portugal but never England.
He did come close to taking over at Everton in 2022, but that move fell through, with the Toffees appointing Frank Lampard instead following a backlash from the club's supporters.
If appointed, he would be the third Portuguese manager of Wolves since 2017.
Whoever comes in will have a big job on their hands picking the players up following such a devastating late defeat to fellow strugglers Ipswich at the weekend, conceding a 94th-minute winner, with that result leaving them second from bottom of the table and four points from safety.
Another problem for the new manager will be suspensions of key players following post-game altercations.
Rayan Ait-Nouri saw a second yellow after the final whistle on Saturday, while Matheus Cunha could also be handed a retrospective ban for his role in the scuffle.
Wolves face fellow strugglers Leicester next week.
After playing the Foxes, they play Manchester United, Tottenham and Nottingham Forest before an FA Cup match against Bristol City provides some respite.
They then take on Newcastle, Chelsea, Arsenal, Aston Villa and Liverpool.
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