Wolves have kicked off their business with the signing of Colombian centre-half Yerson Mosquera, a player who is seen to have huge potential.
Edwards, who made more than 300 appearances in gold and black in a nine-year spell, would like to see more ‘key players’ through the door, though, ahead of the 2021/22 campaign under new chief Bruno Lage.
“It’s massive. The pace that they’ve grown over the last three or four years has been incredible, but it just feels like they came to an end of a cycle,” he said.
“They need to go again and there’ll be casualties in that – a bit like there was when Nuno first took over.
“They’re going to have to do that again to try to take things up a level as things had gone a bit stagnant.
“I do think they’ve missed Molineux in terms of the fans.
“I thank that played a huge part in Wolves not being as successful last season as the noise of Molineux is amazing.
“I think that a lot of change is going to happen, and key players need to come in to make a difference to the team.”
Edwards left Wolves in the summer of 2017, shortly after the appointment of Nuno Espirito Santo.
He left boyhood club Shrewsbury Town at the end of last season and has since gone into part-time football, joining Bala Town in the Welsh Premier.
The 35-year-old would like to see Wolves snap up a ball-carrying midfielder in this window and also get a striker in to offer further support to Raul Jimenez as he returns from a fractured skull.
“The motto has always been about building for the future with young players, with value,” said Edwards.
“But it feels like it needs something for the now – a central midfielder to walk into the team and add more physicality than what they have now, someone who can travel with the ball.
“Someone like an Abdoulaye Doucoure or a Paul Pogba style of runner as they haven’t really got that.
“I fell like they need someone of that ilk in midfield.
“They need someone else to supplement what Jimenez does, too, although he’s going to come back next season.”
Left-back is also a position Wolves need to sort out, with Jonny Castro Otto on the sidelines.
The goalkeeping department may also have to be looked at, with Rui Patricio linked to Roma while John Ruddy has been offered a new deal.
Edwards added: “I think it’s about adding two or three players to the starting XI – not the squad but the starting XI. That’s the most important thing this summer.”