Nuno, who guided Wolves from the Championship to an established Premier League team, left his role by mutual agreement at the end of 2020-2021.
Having led Wolves to successive seventh-placed finishes, Nuno's efforts were curtailed by injuries to key players Raul Jimenez and Pedro Neto this season, while Diogo Jota was sold to Liverpool with the club eventually finishing 13th.
"A busy day. Just trying to know everyone, to see what the club has to offer, and my first idea is to try to link everyone together because I want to create a good dynamic of group with my staff."— Wolves (@Wolves) June 9, 2021
Bruno speaks for the first time after joining as head coach.#WelcomeBruno pic.twitter.com/GO5HnZHDsA
Nuno did look set to takeover at Crystal Palace, but talks with the Portuguese – who has also been linked with Everton – have reportedly broken down.
While it remains to be seen where Nuno's next job will be, Wolves have moved to hire a compatriot in the form of ex-Benfica boss Lage.
He spent 18 months at the helm in Lisbon, with his Benfica team, which included teenage sensation Joao Felix, winning 18 games from 19 to win the title in his first half-season at the club in 2018-2019.
Lage, 45, left Benfica in 2020, and has previously coached in England, acting as an assistant to Carlos Carvalhal at Sheffield Wednesday and Swansea City.
"I'm very happy. It's a big opportunity. I'm very happy because I've returned to this country, and to be the manager of a big team," said Lage.
"It's a team and a club that wants to do history and a chance to compete in the Premier League. So, I'm happy, excited, with a big ambition to do great things for this club."