Former Bolton and Burnley manager Owen Coyle is the leading frontrunner for the Wolves job and was the number one choice of over 7,000 Wanderers supporters in a recent local newspaper poll.
However, the Scot has also now emerged as one of the bookies' favourites for the Wigan vacancy as they look to replace the outgoing Martinez, who is set for talks with Everton.
Wolves could now see any attempts to lure Coyle scuppered by the potential draw of a Latics side competing in the Championship for an instant return to the top flight and operating on a larger budget.
Molineux chiefs have remained tight-lipped regarding the identity of potential candidates throughout their search for a head coach to replace Dean Saunders, who was sacked over three weeks ago following relegation to League One.
But head of football development and recruitment Kevin Thelwell has issued an update on their progress.
"We have formally interviewed several candidates for the role, all of whom have been impressive and of a high quality. Interviewing is continuing," he told the club's official website.
"While there is often a clamour to make a swift decision, we are taking full advantage of the less pressurised close-season to conduct a thorough and rigorous process to find the right person to help take the club forward."
Other names in the frame for the Molineux post include Steve McClaren, Kenny Jackett and Steve Davis.