Key additions are required in multiple positions as the former Benfica boss looks to be a success at Molineux.
And here, we take a look at four areas which need strengthening over this summer.
The heart of the defence has to be improved, without a doubt.
It is an issue which cannot be ignored any longer as Wolves have pretty much had the same bunch of centre-halves for four years now.
Willy Boly, Conor Coady and Romain Saiss – now considered a fully-fledged defender – have performed brilliantly as a defensive trio.
Max Kilman has been solid whenever called upon as well.
But if Lage intends to play a 4-4-2 as he did at Benfica, a commanding presence at the back should be his top priority.
The vast majority of supporters feel the same way and when you factor in that both Boly and Saiss are due to go to the Africa Cup of Nations in the new year, you could even argue two centre-halves are needed.
Wolves were particularly poor at defending set pieces last season. It was a glaring weakness.
A tall, physical centre-half with good experience behind him would certainly help.
Closely following centre-half as a key area to address is the middle of the park.
Ruben Neves, who has been linked with a move away, still had a fairly productive 2020/21 in terms of goals.
However, you cannot help but feel that he could have done better with someone more energetic alongside him, breaking up play.
Leander Dendoncker has seemingly been a victim of being too versatile and after playing at the back so much, he did not find his best form in midfield at all last campaign.
Joao Moutinho – although one of the fittest 34-year-old players you will find – could perhaps do with being used more efficiently, too.
Goals from midfield have been a big problem for a while and if Neves stays, someone doing the dirty work could give the Portuguese greater licence to attack.
If he does end up leaving, though, again, you could easily say it is a case of getting two midfielders in.
Jonny Castro Otto looks set to be out until the new year with another ACL injury, so left-back is another position which needs filling.
Ruben Vinagre has ended his loan at Famalicao and Wolves could choose to welcome him back into the fold.
A permanent deal for Rayan Ait-Nouri, who did pretty well on loan from Angers last term, could be pursued as well.
Fernando Marcal, of course, remains on the books but has spent most of his time at the club so far on the sidelines.
Ait-Nouri, a natural left-footer, has clear potential but some will want a more proven player to be snapped up. Something has to be done.
With Raul Jimenez due to return the fold and Fabio Silva improving amid the weight of a huge price tag, this area is perhaps not quite as pressing as the others.
It would be unfair to rely too much on Jimenez after fracturing his skull, though. He may prove to be the same world-class striker, but there are no guarantees.
Silva, too, remains a work in progress despite several encouraging showings over the final few months of last season.
Willian Jose is unlikely to be signed permanently. Rafa Mir and Patrick Cutrone, meanwhile, are still Wolves' players.
The thinking with Jose seemed right – more of a target man, bringing something different to the table – but his performances left a lot to be desired.
Hopefully, they reignite the striker search and get it right this time around.