Having flown over on Monday night, the 45-year-old Portuguese is thought to have spent today meeting staff at the club while getting everything ready for an official announcement.
That announcement is expected to be made tomorrow and once done, the Express & Star understands he will then return to his homeland – coming back ready for when Wolves start pre-season next month.
Lage, who is coming in following Nuno Espirito Santo’s departure last month, was granted a work permit by the FA last week.
His appointment is understood to have been a straightforward process since then.
Wolves are not expected to announce Lage’s backroom team just yet as they also need to go through the work permit process.
Luis Nascimento, his younger brother, is due to be part of the group, though, which could be revealed next week once those formalities are completed.
Lage, a client of Jorge Mendes, lifted the Primeira Liga title at previous club Benfica in 2018/19.
He has served as an assistant at both Sheffield Wednesday and Swansea, while also spending the best part of a decade coaching in Benfica’s youth ranks.
His predecessor Nuno, meanwhile, is reportedly close to taking the reins at Premier League rivals Crystal Palace.
Having been in discussions with both Palace and Everton, he is now said to be holding advanced talks with the former about succeeding Roy Hodgson – and could put pen to paper by the end of the week.
Nuno’s exit from Wolves was officially by mutual consent, although the club are understood to have instigated the move after finishing 13th in the top flight last season.