Kenny Jackett looks set to remain manager at Wolves despite new ownership
Julen Lopetegui was tipped to take over at Molineux before he became Spain boss and Fosun International completed their £45m takeover on Thursday.
But outgoing chief executive Jez Moxey said Jackett, who has been in charge since 2013, had the board's support.
"He's got an opportunity to bring great success to the club," Moxey said.
"These guys [Fosun] are in it for the long term and the fans are going to be delighted - there are exciting times ahead."
Speculation over Jackett's future had lingered since Wolves' disappointing campaign last season that saw them finish 14th in the Championship table, 16 points adrift of the play-off places and 18 clear of the relegation zone.
That debate intensified during Fosun's negotiations to buy Wolves and ex-Barcelona goalkeeper Lopetegui was seen as a front runner to replace Jackett before his appointment as Spain coach last week.
But Jeff Shi, Fosun's representative on the Wolves board, confirmed he had spoken to Jackett and the subject of his future was not discussed.
"I know Julen and I'm glad he's become the coach of Spain but I'm very happy to work with Kenny now," he told BBC WM.
"I've had two meetings with Kenny and the only topic was about the squad.
"I totally agreed with him on the size of the squad - it's too small - and I'm working very hard with him on giving him all the support I can."