The West Midlands outfit suffered a 4-0 defeat at the hands of Everton on Wednesday evening, extending their dismal defensive record in the Premier League.
Although Wolves remain just three points adrift of safety in the Premier League table, they have now conceded six more goals than any other team in the division.
During the second half of the game at Goodison Park, Wolves supporters made their feelings known, chanting that O'Neil would 'be getting sacked in the morning'.
As per the Express & Star, Wolves' hierarchy are now open to the possibility of parting ways with the Englishman.
Fosun change stance?
The report suggests that discussions will now take place behind the scenes to determine whether O'Neil - who was handed a four-year deal in the summer - will be given more time to improve Wolves' results.
With the next fixture coming away at West Ham United on Monday night, Wolves will seemingly assess the situation over the coming days.
Despite their recent four-game unbeaten streak where eight points were accumulated from a possible 12, Wolves have lost nine of their 14 matches in 2024-25 albeit having scored 22 goals.
When eventually replacing Julen Lopetegui with O'Neil in August 2023, Wolves underwent a similar sounding-out process when it was known behind the scenes that they would be parting ways with the Spaniard.
Graham Potter is allegedly viewed as Wolves' number one target, the Englishman making himself available for offers having taken time away from the dugout since leaving Chelsea in April 2023.
Nevertheless, the report adds that Potter may not approve of Wolves' current transfer model and it could negatively impact on any approach.
David Moyes, most recently of West Ham, is another name said to be on Fosun's radar as they look to give the side the best opportunity of avoiding relegation from the Premier League.
Could O'Neil have any complaints?
Although Wolves have played football under O'Neil that has been easy on the eye, there has arguably been an over-reliance on Matheus Cunha when they have not improved in defence.
In the 24 Premier League games that have been played since March 30, Wolves have won just three times - against Luton Town, Southampton and Fulham - and kept just one clean sheet.
While the sale of Max Kilman and long-term injury to Yerson Mosquera has contributed, the statistics are damning for a manager who has now lost 30 of his 61 games in charge.
Written by
Darren Plant