Wolves beat West Ham and Everton in the Carabao Cup this season but were knocked out in the last 16 by Chelsea on Wednesday.
Wolves were 19th when Pereira replaced Gary O’Neil last term, and he guided them to safety by finishing 16th.
Pereira lost several key players in the summer, with Matheus Cunha moving to Manchester United for £62.5m, Rayan Ait-Nouri joining Manchester City for £31m and captain Nelson Semedo departing for Fenerbahce when his contract expired.
Speculation over the future of Norway striker Jorgen Strand Larsen also proved an unwelcome distraction during Wolves’ difficult start to the campaign, with Pereira attempting to bed in five new recruits.
