Kenny Jackett has resigned as Millwall manager, ending a successful six-year reign at the club.
Jackett, whose side ended the season in poor form and narrowly avoided relegation from the Championship despite reaching the FA Cup semi-finals, has been linked with the available job at Wolves, who have slipped into League One.
Millwall released a statement saying they "reluctantly" accepted Jackett's decision to step down, but the 51-year-old, after securing promotion via the play-offs in 2010, said he could not take the south London club any further.
"After almost six seasons I personally feel the time is right for a new challenge, and also for a new manager to come into Millwall with fresh ideas, to take the club forward towards its long-term goal of reaching the Premier League," he said. "I would like to thank the chairman, the board of directors, players, members of staff and supporters of Millwall for their considerable backing. I have thoroughly enjoyed my time at Millwall. My family and I will always have a strong link and affinity with the club. It's been a fantastic period for myself and my family, and my family have been down on a regular basis and loved it, loved the atmosphere and the people. We will always have fond memories of the club."
Jackett joined Millwall in 2007 and only five other current managers in the Premier League or Football League have spent longer in their roles – Sir Alex Ferguson at Manchester United, Arsène Wenger at Arsenal, David Moyes at Everton, Stoke City's Tony Pulis and Exeter City's Paul Tisdale.
However, the former Swansea City manager did endure a difficult period at the end of his tenure, with Millwall going on a dreadful run that saw them survive by only two points.
The Millwall chairman, John Berylson, said: "On behalf of the board of Millwall football club, I want to express my thanks to Kenny for his fantastic service and achievements over the past five and a half years.
"He has played a major role in creating a stable environment at Millwall which hadn't been the case prior to his arrival."
Berylson added: "Whilst respecting Kenny's decision, I wish I could have persuaded him to change his mind."