Wolves are expected to sign an out-of-favor Burnley and Westbrom spectacular ace to help them out of their situation.
The 26-year-old is currently in temporary charge at Valley Parade following the recent sacking of Mark Hughes.
The ex-Stoke City and Fulham boss was relieved of his duties after leaving the Bantams in 18th place in the League Two table.
The 59-year-old guided Bradford to the play-offs last season but he only won three out of his 11 games this season.
Since taking over as interim player-manager, McDonald has won back-to-back games.
He followed that up with a 2-1 victory away to Grimsby Town in the group stages of the EFL Trophy.
Former Wigan Athletic manager Leam Richardson is currently second in the betting on 5/2, ahead of ex-Huddersfield Town, Lincoln City and Portsmouth chief Danny Cowley at 4/1.
According to local reports, Bradford are not thought to be in any hurry to fill the position full-time following the positive reaction on and off the field to McDonald’s leadership.
The Scot will take charge of the team again at Wimbledon on Saturday as the club take their time in assessing their options.
The likes of Pete Wild, Karl Robinson and Lee Bell are also high up in the bookies’ odds.
McDonald also had spells in the past at Dundee, Sheffield United, Wolves, Fulham, Dundee United and Exeter City. He has played over 550 games in his career to date.
