"We've had some very high-calibre people apply, but it is not straightforward," the Wolves chairman told the Birmingham Post.
"If we were unhappy with Stuart Gray, we would set ourselves a deadline, but we're pleased with the job he is doing as caretaker manager and our performances show we have a team which is unaffected by it.
"We said right at the start it would take time and I'm prepared to carry on waiting until we get the right person."