Prior to Nuno Espirito Santo's departure in 2021, it had been widely-documented that Lage was the chosen successor to his Portuguese compatriot.
Lage arrived at Molineux with a point to prove after his spell with Benfica - where he won a Primeira Liga title - had petered out to such an extent that his appointment at Wolves divided opinion.
To Lage's credit, Wolves impressed after losing four of the first five matches, putting together a run of 11 victories from their next 19 matches in the Premier League.
However, the West Midlands outfit would win just three of their concluding 14 games to miss out on Europe, and prevailing from just one of their first eight top-flight encounters in 2022-23 resulted in Lage's departure.
In total, Lage recorded 19 wins, 10 draws and 22 defeats from his 51 matches in charge, but the 48-year-old feels that he was hindered in his efforts to transform Wolves.
Lage speaks on lack of attacking options
Speaking in an in-depth interview with the Coaches' Voice, Lage admits that the lack of competition for Raul Jimenez after a fractured skull and the loan exit of Adama Traore to Barcelona had a detrimental effect on the team.
Lage said: "In January, our performances had been improving and we were fighting for Europe. In that transfer window, we could have been more aggressive and brought more competition to some key positions. An extra forward, for example - someone who could play inside the box, and who was good in the air. This was not possible, though, and I respected the club's decision.
"The striker we had was Raul Jiménez. He was a top player and a great mate, who was playing with protection on his head that made it almost impossible for him to head the ball. We didn't have anyone to replace Jimenez when he was injured or suspended, or to play alongside him as a second centre forward - as I like to do in some situations.
"There were options of more mobile players, but none with the same characteristics as Jimenez to play the role of a number nine. That is very much needed in any team, but even more so in a competition at the level and with the demands of the Premier League.
"On top of that, in January Adama Traore went on loan to Barcelona. He had always been a key player for us, either playing from the start or coming from the bench to have an impact on games. He had been extremely important for us even that month, providing the assist for the winning goal at Old Trafford and scoring in our victory against Southampton. When he left, it was a major blow for the team.
"The squad had quality, but it was undersized. So losing any key player hurt us a lot. Especially in the centre of attack, where our depth was at its weakest."
How has Lage fared since?
In July 2023, Lage was handed a surprise opportunity at Brazilian top-flight leaders Botafogo when Luis Castro accepted an offer from Al-Nassr.
Rather than keep Botafogo in first place, the Lone Star regressed under Lage's guidance with just four wins and seven draws coming from 15 matches before he was sacked three months after his appointment.
Meanwhile, Wolves changed direction in the transfer market under Lage's successor Julen Lopetegui, spending heavily in January to move from the bottom of the Premier League table to a 13th-placed finish.
Nevertheless, that has since impacted on Wolves' ability to spend in the transfer market, Fosun International having pulled back on their activity with regards to incomings over the previous two transfer windows.