Charlton Athletic boss Chris Powell in the frame for Wolves job

Charlton Athletic boss Chris Powell today emerged as a contender for the Wolves head coach's job.

The Molineux hierachy have been alerted to the 43-year-old by his impressive and astute stewardship of the Addicks in just over two years in charge, and he could challenge established favourites Kenny Jackett, Steve McClaren and Owen Coyle.

The picture should become clearer next week when Wolves are set to continue talks with the chosen candidates.

Jackett has already been spoken to and it is understood contact has been made with McClaren. But Powell is another name who has appeared on the radar after steering Charlton to within three points of the Championship play-offs this season, just a year after leading them to the League One title.

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Despite having one of the lowest budgets in the Championship, the former England, Charlton, Derby, Southend and West Ham left-back fashioned a competitive team and finished ninth after a flourish at the end of the season.

And he won the third- tier title despite a turnover of more than 30 players in summer 2011 which saw 19 signings and almost as many departures. That will not gone unnoticed at Wolves, where a rebuilding job is required.

Meanwhile, it has emerged that Wolves will have to pay compensation to Millwall if they appoint Jackett. He quit within hours of Dean Saunders' sacking. But he is bound by the conditions of his one-year rolling contract, which prevent him managing another club within a certain time frame unless they pay.