Caretaker manager Steve Davis will stay in charge of Wolves until 2023 after Michael Beale rejected the job.
Davis has been in charge for three games since Bruno Lage was sacked on 2 October.
QPR boss Beale was offered the chance to replace Lage after Julen Lopetegui also said no to the job.
Davis will continue to be assisted by James Collins and Tony Roberts, with Wolves now looking to extend their coaching team.
"We have no plans to rush our search for a new permanent head coach and will not compromise in any way our approach to appointing the person we believe to be the perfect fit for our club, our squad and the role of head coach at Wolves," said Wolves chairman Jeff Shi.
Former Watford and Forest Green boss Rob Edwards has previously spoken to Wolves about a return to the club in some capacity.
But Davis will now stay in position into the new year, a move that takes in five games before the World Cup and then the post-Qatar Festive period.
