talkSPORT understands Wolves are in advanced talks with Pereira's Saudi Arabian club Al-Shabab over him succeeding Gary O'Neil.
The latter was sacked after 16 months in charge on Sunday following the 2-1 defeat to fellow relegation-strugglers Ipswich Town.
Former Bournemouth manager O'Neil has left Wolves second from bottom in the Premier League table, four points from safety.
The west Midlanders now want former title-winning Porto boss Pereira in place in time for next weekend's game with Leicester.
It will fulfil a long-desired managerial dream for the Portuguese gaffer, who has been desperate to work in the Premier League.
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Pereira held talks with Arsenal after Unai Emery was sacked, while also being on Chelsea's shortlist in 2019 before Frank Lampard was appointed.
That is not the only time he has been gazumped for a role in England's top-flight by Coventry manager Lampard.
The second incident less than three years later proved much more infamous as Pereira attempted to find his feet at Everton.
The 56-year-old was first interviewed for the job at Goodison Park following David Moyes' move to Manchester United in 2013.
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He then interviewed for the role again five years later but pulled out of the process due to his commitment to then-club Shanghai SIPG.
Following the dismissal of Rafael Benitez in January 2022, Pereira believed it was third-time lucky with only Lampard again to beat.
Everton fans made their feelings known at what looked to be another appointment driven heavily by Fahrad Moshiri.
Graffiti was even spotted outside Goodison Park that read 'Pereira out, Lampard in'.
In an unprecedented interview with Sky Sports News, Pereira responded to criticism from fans and spoke openly about his pursuit of the hot-seat.
On the graffiti, he said: "Of course (it hurts) this is first time in my career I've seen these kind of things and comments.
"My CV speaks for itself but I think these critics are not reacting to me, it is the environment now because the club is not in a good position.
"Sometimes the supporters at Everton can win the game with passion, it can be on the positive or negative side. A manager needs to bring positive passion from supporters. I don't take it personally."
Pereira added: "I think the first decision as a manager in the club is to bring again the organisation, the way to press, the pressing game, the intensity I saw a few years ago.
"For me to watch a match there was something inspiring, this is the spirit to see the passion of the fans again, the intensity and to make the feeling in the other teams that Goodison is a fortress and it is hard to play there. That is what I want or a manager has to bring to the club."
Reacting to the interview, talkSPORT host Hugh Woozencroft suggested that Pereira was talking himself out of the job.
Former Crystal Palace midfielder Darren Ambrose agreed with that verdict to talkSPORT and labelled the ordeal 'shocking'.
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The pair were ultimately proved correct just four days after Pereira's rogue press briefing, as Lampard was appointed by Everton.
Wolves are now giving Pereira the chance back up his talk by walking the way - but that first interview will be box office regardless...