QPR boss Beale was offered the chance to replace Lage after Julen Lopetegui also said no to the job.

Davis will continue to be assisted by James Collins and Tony Roberts, with Wolves now looking to extend their coaching team.

"We have no plans to rush our search for a new permanent head coach and will not compromise in any way our approach to appointing the person we believe to be the perfect fit for our club, our squad and the role of head coach at Wolves," said Wolves chairman Jeff Shi.

Former Watford and Forest Green boss Rob Edwards has previously spoken to Wolves about a return to the club in some capacity.

But Davis will now stay in position into the new year, a move that takes in five games before the World Cup and then the post-Qatar Festive period.

Wolves made their approach for Beale on Thursday morning, mindful QPR had a game in the Championship on Wednesday.

It had been thought the process would be smooth, but the 42-year-old told QPR he wanted to stay at Loftus Road.

"There's been a lot in the background and it has been a difficult few days for me personally because I was really focused on here and everything came a little bit out of the blue," Beale told the club's website

. "These things really do snowball and everybody has an opinion of you and what decision you are going to make. I really did try to be honest in all of the interviews I have done and the most important thing was keeping the players focused.

"When I joined the club in the summer, I found an ownership that was really honest about what they wanted and were giving me my first opportunity to be a manager. I took that task on with a lot of enthusiasm and excitement and they enabled me to recruit some players I really wanted to work with.

"It is the aim for me to go and work in the Premier League, like it is for all of our players, and the idea is to try to go there ourselves as a group. If we are doing well, there will be speculation or a temptation.

"Wolves are a fantastic football club and it was a real privilege to be asked to go and speak to them but I didn't think it was the right moment because I entered into an agreement here and integrity and loyalty are a real big thing for me.

"I have been all in here and I have asked others to be all in so I can't be the first person to run away from the ship."

Wolves, who are 18th in the Premier League, have also spoken to former manager Nuno Espirito Santo and recently departed Lyon head coach Peter Bosz about the vacancy at Molineux.