After Traore turned down several contract offers and then spent the end of last season on-loan at Barcelona, his Wolves career seemed to be coming to an end.
It is understood that any new contract talks are unlikely, but Lage has offered a glimmer of hope.
"Last January he was in a good moment, I wanted him to stay but I understand he had an opportunity to play for his team and grow up as a player," Lage said.
"After, he started pre-season very well and then got injured. He didn't start the Premier League as he was recovering.
"I spoke with him and I can see he's happy. He wants to help the team and continue to improve as a player.
"He has a good challenge in front of him. The competition is different and we have two months in front of us where the club and him can talk and understand what is best for both.
"I can see him happy. I can see he is motivated to help the team and improve as a player, so lets see what happens in the next couple of months to see what he can bring to us, and if the club makes an offer and if he accepts."
Traore has almost exclusively been used as a substitute this season, but the head coach has not ruled out starting the player who is in the last year of his contract.
"It depends on everything and the way they are training," Lage added.
"He started last season very well. He didn't score goals but was creating a lot of chances.
"To be honest, after that break he felt that he'd missed a lot of opportunities and he was a bit down. We didn't have Adama in October and November, it was hard for him.
"In the middle in December and beginning of January he came again and started scoring goals, and then he moved.
"We had him in a good moment, coming from the bench and having a big impact, so now it depends on him and how he works."