A week today, Wolves are due to square off against Manchester United at Old Trafford as they open their 2023-24 Premier League campaign.
However, despite the West Midlands outfit enjoying a pre-season where they came through undefeated against Porto, Celtic, Luton Town and Rennes, there is ongoing speculation regarding the future of their Spanish boss.
Lopetegui was initially expecting to be able to make a number of additions to his first-team squad before Fosun International insisted that many of his targets were unaffordable.
The Wolves owners doubled down on that decision in an open letter to supporters last week, Wolves left with just the signing of Matt Doherty on a free transfer as their major incoming for the new season.
Although the likes of Fabio Silva and Sasa Kalajdzic are effectively new members of the group due to a loan spell away and injury respectively, Lopetegui allegedly remains with doubts over the quality of his squad.
As it stands, the 56-year-old is due to take charge of Wolves for the game with United, there being no suggestion that he will leave his post before that fixture.
Nevertheless, according to The Mirror, Wolves have reacted to the uncertainty by beginning to sound out potential replacements for Lopetegui.
That is said to have led to discussions being held with O'Neil, the former Bournemouth boss allegedly speaking to Wolves officials for three hours regarding a potential appointment.
O'Neil had been planning for the 2023-24 campaign with Bournemouth until he was surprisingly sacked by the Cherries hierarchy upon keeping the club in the Premier League.
The South-coast outfit finished just two points adrift of Wolves in the top flight after O'Neil recorded 11 wins and six draws from his 37 games in all competitions.
Wolves would allegedly consider more than just the 40-year-old if there were any developments with the future of Lopetegui, and further talks are expected on Tuesday.
Of his first-team squad from last season, Lopetegui has witnessed Nathan Collins, Ruben Neves, Joao Moutinho, Adama Traore, Raul Jimenez and Diego Costa all depart Wolves.