Paul Lambert is planning to take a short summer break before looking for a return to football management.
The 47-year-old left Wolves after just seven months in charge following a dispute over the role of Jorge Mendes in the club's recruitment.
He is expected to be replaced by former Porto and Valencia boss Nuno.
Lambert's situation has been of interest to Sunderland as they target an experienced Championship boss to replace David Moyes. He has managed Norwich City and Blackburn Rovers in the second tier as well as Wolves, winning promotion with the former in 2011.
However, Sunderland fans polled by the Echo emphatically responded that his appointment would not be good for the Black Cats.
88% of over 1,200 voters said they don't want to see Lambert given the Stadium of Light job.
The Scot is also being heavily linked with the vacant post at Hull City, after Marco Silva left to join Watford. Lambert is the odds-on favourite for that role at 4/1.
He released a statement through the League Manager's Association following his departure from Molineux, saying: "I would like to say goodbye and thank you to the supporters of Wolverhampton Wanderers for their backing throughout last season. I thoroughly enjoyed my time as Head Coach of the club and I wish everyone at Wolves the very best of luck next season and beyond.
“We have had some great moments to look back on, especially the performances in the FA Cup against Liverpool and Stoke, and I’m confident that this current group of lads can push on next season to compete with the best in the league.
“It’s a great club which is fortunate to have some incredibly dedicated staff throughout. I’d like to thank the Board and everyone at the club, from the Sir Jack Hayward Training Ground to Molineux Stadium, for their hard work and efforts in supporting the first team this year.
“Although it is disappointing to be leaving after only a short period of time, I hope to enjoy a short break with my family this summer before preparing myself for my next challenge in football.”