Gary O'Neil has turned down the opportunity to immediately return to management, talkSPORT understands.
O'Neil, who was plundered by wolves on Sunday, he was polled by Millwall for accepting the vacant job at The Den.
However, he believes it is too early to return to management.
Alex Neil is in the box to take the championship spot, with Steven Schumacher also in the race.
Neil Harris he resigned from the Millwall job, and his last game was a 1-0 defeat at Middlesbrough on Saturday.
The result leaves the club in 13th place in the championship after 20 games this season.
David Livermore is currently in charge of the Lions ahead of this weekend's visit to Blackburn.
O'Neil won 20 of his 63 games in charge of Wolves, but only two of them were in the Premier League this season.
Last weekend's 2-1 home defeat to Ipswich was their fourth in a row and left the club 19th in the table.
Since then it has been replaced at Molineux by former Porto coach Vitor Pereira.
The Portuguese's appointment was confirmed by Wolves on Thursday.
Pereira will take charge of his first game on Sunday at Leicester.
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Meanwhile, both Neil and Schumacher are currently without clubs.
Neil has been out of the dugout since leaving Stoke in December 2023 after 16 months in charge.
His previous Championship clubs include SunderlandEditPreston and Norwich.
As for Schumacher, the former Plymouth player's last job was also at Stoke.
However, the Potters sacked him in September, just nine months after his arrival from Home Park.
