Wolverhampton Wanderers have announced that Steve Davis will remain in caretaker charge of the first team until 2023.

Since parting ways with Bruno Lage on October 2, Wolves have been searching for a permanent replacement for the Portuguese at a time when they have been moving in and out of the Premier League relegation zone.

However, what initially appeared like it could be a straightforward process has developed into a complicated matter with the top two candidates having rejected Wolves' advances.

Julen Lopetegui, who has long-term admirers in Wolves owners Fosun International, had been the favourite to replace Lage, only for the former Sevilla head coach to turn down a move to Molineux due to personal reasons.

As recently as Thursday morning, it became apparent that Wolves had also failed to tempt Michael Beale into leaving Queens Park Rangers for a return to the West Midlands, where he had previously been assistant at Aston Villa.

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Rather than explore their options, Wolves have instead opted to retain the services of Davis, who has made the step up from the Under-18s for the past three matches.

During that time, Wolves have collected three points, recording a win over Nottingham Forest either side of defeats at Chelsea and Crystal Palace.

With just five matches remaining until the 2022 World Cup, the club's hierarchy have now stated that they will not attempt to rush a fresh appointment.

Chairman Jeff Shi told the club's official website: "In the short time Steve and his team have been in interim charge of the first-team, we have already seen improvements to the group, with the players responding well to their methods and the changes they have started to implement.

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"Steve understands the culture and standards set at this club, and we want to give him and his team clarity on their positions and allow them the best possible opportunity for success.

"While there are no outstanding candidates to appoint on a permanent basis to the head coach position, we have complete faith in their ability and leadership to continue their roles into the World Cup break and new year.

"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."

Wolves are next in action when they play host to Leicester City on Sunday, a game which will be followed by meetings with Brentford, Brighton & Hove Albion and Arsenal.

Davis, who has managerial experience at Crewe Alexandra and Leyton Orient, will also oversee the EFL Cup tie with Leeds United on November 9.