Wolverhampton Wanderers owners Fosun International have reportedly decided on a three-man shortlist for the vacant managerial position at Molineux.

Earlier on Monday, it was claimed by the Express & Star that Wolves were considering five names as they look for a replacement for Walter Zenga who was sacked last week.

However, according to Sky Sports News, only Nigel Pearson, Paul Lambert and Tim Sherwood remain in the thoughts of the club's hierarchy.

It has been reported that Fosun want to appoint a British manager who has had success in the Championship, and that would appear to favour both Pearson and Lambert who have previously won promotion with Leicester City and Norwich City.

Sherwood has never managed in the second tier of English football but after being out of work for a year after departing Aston Villa - a club he guided to the 2015 FA Cup final - he is known to be ready to take a new position.

Caretaker boss Rob Edwards and former Wolves midfielder Paul Ince are both said to be out of the running for the role.