Wolves host Leicester City at Molineux tomorrow without ever-present Willy Boly, who is suspended for three games after his red card at Manchester City on Monday.
Midfielders Leander Dendoncker and Romain Saiss are the two most likely candidates to replace the Frenchman.
And Nuno, speaking at today's pre-match press conference, said: "When a squad is short of numbers it has to have versatility to cope with those situations and we have it.
"The decision we're going to make (for Leicester), we're totally confident it's going to work out
"(With) versatility, when you have the knowledge and you know the idea of the team, you are capable to deal with other positions."
Boly will miss tomorrow, the FA Cup tie at Shrewsbury and the home clash against West Ham.
Nuno said of the defender's red card: "It's one of the things that can happen, he knows it was not a good approach or the best one to have in that moment.
"We know how hard it is to play with one man less.
"The team was defending and trying to play and go out, sometimes they did good, sometimes not.
"In general (they did) pretty well for the circumstances they were involved in.
Wolves haven't yet made a senior singing in the January, although they're believed to be keen on signing a striker, a defender and a right wing-back if the deals are right.
Nuno said: "To bring someone who we find appropriate takes a lot of thinking and decisions to make.
"At the same time all the names linked to us, I think it is a choice and a guess game for you (but) that's not truth.
"The way we work is clear – me and my coaching staff and the players can only focus on the game.
"The club is prepared to act if we think that's the best decision to have
"It's harder to find players in January
"You don't have the same numbers of players available. Sometimes the profile you want inst available in the window because normally they don't want to sell if they're doing well for other teams.
"It's the same for us. It becomes very hard to make deals."
Raul Jimenez has impressed with seven goals so far and Wolves have an option to buy him in the summer.
Nuno reiterated that any decision on the Mexican striker would wait until the end of the season.
"This is a normal course of things, we have to make the decision at the end of the season," Nuno added.
"Raul is doing very well and he must maintain the high standards. When that moment comes we'll be here to decide."
Tomorrow's opponents Leicester are eighth in the table and have already overcome Wolves twice this season – 2-0 at the King Power last August and a victory on penalties in the Carabao Cup at Molineux.
"I admire Leicester a lot and respect them a lot," Nuno said.
"I think it's part of history what Leicester achieved (when winning the Premier League) and also the sad moment in sport that Leicester suffered with their former owner.
"I have total admiration for them."
Leeds boss Marcelo Bielsa has hit the headlines this week with 'spygate' after admitting he's sent staff to watch other teams training.
Nuno, though, says he's never done that during his career.
"I never did it," he said. "It's something that we all know that happens, not so often here in UK, but around the world its something we're used to knowing.
"It's about staying within the law and the moral aspect of the issue. It's normal (but) here in UK, not so usual.
"I've been in places (with) people laying down on a roof, with cameras, all sorts of things. You have to be prepared for it."