Here, the PA news agency looks at the challenges the new man at Molineux faces.
Rediscover their identity
The new boss – former Benfica manager Lage – will have to imprint his own identity on the side.
After three seasons of undeniable progress, Wolves struggled as they suffered serious injuries and a loss of form, with Nuno trying to modify their style this term.
He had previously brought a clear and concise identity to Wolves and a bottom-half finish falls below pre-season expectations. Lage, who won the title with Benfica in 2019, will need to act fast to stop any slide.
Refresh the midfield
This season has seen Joao Moutinho's powers wane, for all his experience and class.
Portugal Under-21 international Vitinha has shone when he has been given a chance and the 21-year-old could be Moutinho's heir apparent. The club are yet to officially trigger their option to buy him from Porto after his loan.
Ruben Neves has also slipped below the exceptional standards he has set in the previous two years.
Resolve Adama Traore's future
Talks with Traore were put on hold before Christmas and the winger is likely to remain key to any future plans.
He has two years left on his current deal and, before it was announced he was leaving, Nuno said talks appeared to be progressing.
Traore has come on considerably under Nuno, after arriving from Middlesbrough for £18million in 2018, and his end product has improved, even if it remains inconsistent.
Ensure greater squad depth
Nuno liked working with a small squad and it came back to haunt him this season.
To say their troubles this season were down to the absence of Jimenez would be wrong as Jota, Doherty and Jonny were so key to the way they played and represented much of their threat.
Give Fabio Silva time
Striker Silva, who only cost an initial £8million, has taken time to adjust following his move from Porto, which will ultimately cost the club a record £35million.
The 18-year-old has not been able to fill the void left by Jimenez's absence, scoring four times in the Premier League, while Real Sociedad loanee Willian Jose also failed after his January arrival.
Jimenez will thankfully return next season after fracturing his skull at Arsenal in November but Silva must be given time to show he can be a long-term star at Molineux.