Gary O’Neil has backed out of talks to finalise a deal to return to Wolverhampton Wanderers as their new manager, sources have confirmed to TBR Football.

O’Neil, who was sacked by Wolves 12-months ago, was set for a dramatic return to the Black Country outfit after holding talks in the last 48 hours.

Wolves axed Vitor Pereira on Sunday following their latest defeat at Fulham – which leaves them four points adrift at the bottom of the Premier League table.

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As TBR Football revealed, a host of names had already been considered by owners Fosun, such as Middlesbrough boss Rob Edwards, former Celtic chief Brendan Rodgers and ex-Manchester United manager Erik ten Hag.

But it was O’Neil that had advanced with talks and as TBR Football confirmed, he has agreed to make the return to Wolves. However, the club were looking to finalise details – O’Neil has now walked away and ruled himself out of contention.

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I am told by sources that Wolves’ hierarchy have been shocked by O’Neil’s decision to withdraw himself from the process, although they also insist that other options were being talked to and talks...