Despite arriving just four days before the start of last season, O’Neil guided Wolves to a successful campaign in which they fought for European football.
Now, the head coach has been rewarded with a new deal until 2028. His assistant head coach Tim Jenkins, first-team coaches Shaun Derry and Ian Burchnall, head of goalkeeping Neil Cutler and first-team coach analyst Woody Dewar have also signed fresh terms.