Eight people from Pereira's coaching staff will also be allowed to leave.
Wolverhampton's U21 coach James Collins and U18 coach Richard Walker will take over during the search for a permanent first-team replacement.
Pereira joined Wolves in December 2024 and helped the club avoid relegation as they finished 16th in the table. This season, the team has two draws and eight losses in ten games.
On Saturday, Wolverhampton lost 0-3 against Fulham.
