Nuno, having signed a new three-year contract himself, has recently seen several of his stars agree new deals, and it was hoped Traore would follow suit.
Talks between the Spaniard and the club over fresh and improved terms, though, have stalled.
The situation is currently an impasse, but Nuno – when the time is right – wants to get the matter sorted as he said: “Of course, Adama is a huge player for us.
“The impact he has on the games, what he gives to the team, what he has been giving to the team these last two seasons.
“What he still has to give and has to improve.
“Of course, I want all the players to be happy here.”
Traore has not been in the starting line-up over the past several weeks, but on the back of a stunning 2019/20 campaign he was in line for a new deal.
Skipper Conor Coady committed his long-term future to Wolves, shortly after Nuno, before top scorer Raul Jimenez put pen to paper on a new deal.
Soon after those two, defender Max Kilman was handed a fresh five-year contract – and Traore was thought to be the next in the queue.
Pedro Neto, though, was the one to follow in the footsteps of Kilman, Jimenez and Coady, and talks with exciting winger Traore have not progressed as originally hoped.
Wolves are understood to be relaxed over the situation and are not putting too much pressure on the Spaniard, with his current deal at Molineux running until the summer of 2023.
The £18million signing from Middlesbrough has not started any of the last five Premier League games for Wolves but will look to end that run against Southampton on Monday.
Nuno, on if his relationship with the player is still strong, added: “Of course. Adama was with Spain.
“He returned, he is healthy and now he is preparing, like all of us are preparing, for Monday.”