Lage was officially appointed as Wolves’ new head coach last week, signing a three-year deal.
The 45-year-old Portuguese hopes to implement a more attacking style of play at Molineux, and former midfield star Hibbitt believes substantial upgrades are required to do that.
“I think he’s got to look right down the backbone of the team,” said Hibbitt, who played 574 times for Wolves.
“He’s got to look for a top striker, two more midfield players, and I’d certainly bring a centre-back in.
“I’d want a defender who’s strong, great in the air.
“It’ll be interesting to see whether Conor Coady plays as a sweeper, or if the new manager goes with three at the back.
“But from a transfer perspective, you’ve got to be looking at four players.
“I’d like to see a strong lad at the back, two energetic midfield players who are busy, can get forward and score goals, and another striker.
“It’s about bringing in four quality players, at least.”
Hibbitt is also keen for Wolves to avoid leaning too much on youngsters and feels the window should be centred around players with experience behind them.
“The youngsters, you always want to get them in where you can,” he added.
“But the solid base of a football team is right down the backbone – your strikers, midfielders and central defenders.
“The kids are there to help you out of a hole, but you need a strong squad to start with.
“To be fair, the new manager has some work to do. He’s got to set his stall out – identify what he wants – and be supported and backed by the club.”