The Black Country outfit suffered their second successive relegation yesterday afternoon and as a result will play their football in League One starting in August.
However, rather than look to step down from the position that he was given back in January, Saunders has revealed that his intention is to "rebuild" the team over the summer months.
"Sometimes it takes hitting rock bottom before you realise it has got to change and I have got to change everything and rebuild the club," the Welshman is quoted as saying by the Express & Star.
"I knew what I was coming into when I walked into the club. I have done this before with clubs who have been struggling and had lots of problems. I have no hesitation in wanting to try and take this club forward."
A number of players have been tipped to leave Molineux during pre-season.