Lage was sacked after Wolves’ dismal start to the season, which saw them win only one of eight Premier League games and sit in the bottom half of the Premier League table.
Former Olympiacos boss Pedro Martins and ex-Sevilla manager Julen Lopetegui were linked with the managerial role at Molineux.
Lopetegui turned down the offer to manage the Premier League outfit, citing family reasons, and Wolves did not approach Martins with any offer.
It has been claimed that Wolves are considering Nuno, their former manager, as one of the potential contenders for the managerial position.
Nuno oversaw Wolves’ return to the Premier League in the 2017/18 season, which was followed by two consecutive seventh-place finishes and a run to the Europa League quarter-finals.
The 48-year-old tactician left Wolves at the end of the 2020/21 campaign by mutual consent and managed Tottenham Hotspur in the following campaign for a short stint before getting sacked in November.
The Portuguese manager penned a two-year contract with Saudi Arabian club Al Ittihad this June, and he has since recorded four wins and three draws from his opening seven games.
