Club owner Steve Morgan and chief executive Jez Moxey spoke with bookmakers favourite Alan Curbishley on Thursday and then met Steve Bruce on Friday. Ideally Morgan and Moxey would like McCarthy's successor in place in time for next Saturday's game at Newcastle, but Moxey knows how crucial it is to bring in the best possible replacement.
"Things are progressing. We are continuing to work to the timetable we indicated at the outset of this process and remain optimistic we will be able to fulfil those requirements," said Moxey.
"Our intention has always been to have a new manager installed in time to take charge of the team for the Newcastle match and that remains the case.
"But, I stress, we want the right candidate, not the quick candidate."
It is unclear who else is also on the short list although the likes of Gordon Strachan, Neil Warnock and Walter Smith have been linked with the midlands club.
But Curbishley remains the bookmakers favourite to end his three-and-a-half-year exile from the game since managing West Ham.
Midfielder Jamie O'Hara believes it is vital the entire Wolves squad give their full backing McCarthy's successor in the battle for Barclays Premier League survival.
The former Tottenham player said: "We've got to move on as a club and a team and stick together and see what happens.
"I am sure we will all find out what's happening with the new manager over the next few days. Whoever comes in, we will all get behind him and give him 100% cent and try and get out of trouble."
Source: PA
Source: PA