Former assistant boss Connor was handed the reigns until the end of the season after the dismissal of Steve Bruce but, after a run of defeats has seen the side slip into the bottom three, new men keep being linked with the post.
On Wednesday former Sunderland boss Steve Bruce was again linked with the post and now Megson is being tipped to takeover from Connor.
Megson was recently sacked at Sheffield Wednesday despite taking them up to third in the table and he is now being tipped to take over at Molineux.
Megson, who has also managed Norwich, Stoke, Nottingham Forest and Leicester, is ready to take over, according to the Daily Mirror, if owner Steve Morgan and chief executive Jez Moxey follow up their interest in him.
Middlesbrough climbed into the Sky Bet Championship play-off positions as Patrick Bamford's first career hat-trick secured a comfortable 3-0 win over Leeds.
Louis Longridge and Greg Docherty will leave friendship at the side of the pitch for 90 minutes on Sunday when Falkirk face Rangers at Ibrox.