Jackett has emerged as the front-runner to replace Dean Saunders at Molineuz following his sacking earlier this month.
Saunders was axed just days after Wolves' relegation from the Championship, while ironically on the same day Jackett quit Millwall after over five years at the club.
Jackett is keen to get back into management and he has also been linked with the manager's job at Sheffield United.
It is understood that Jackett is up against two other candidates for the role at Molineux, with Owen Coyle and Steve McClaren both thought to be in contention.
Wolves have made no comment on the speculation, but it is understood the club are hoping to make an appointment next week.