Edwards along with Gary O'Neil are two of the initial names under consideration to succeed Vitor Pereira as head coach of Wolverhampton Wanderers.
The previous coach was dismissed on the weekend following the squad's ten-game without a victory start to the top-flight season.
And Edwards and O'Neil - both of who have historic links to the club - are part of the names to be evaluated by the club ownership.
The manager is presently at Middlesbrough, which would create a potential hurdle to his appointment at Molineux.
However the ex- Luton Town head coach - who played over a century of games for Wolves during his time as a player - is considered a strong candidate for the vacancy.
The mid-career manager is reportedly enjoys support from the club board as they begin the process of hiring a fresh head coach.
O'Neil is also appearing as a surprise contender, even though he would be a surprising choice considering he was released by the club in the previous winter.
The ex- West Ham midfielder is currently unemployed meaning the club would not be required to pay any buyout fee.