Lage was sacked after a 2-0 Premier League defeat to West Ham on Saturday - the latest poor result in a disappointing start to the season.
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Wolves are currently 18th in the table with just one win on the board after eight games.
The 56-year-old spent a little over a year in charge of the club, after he replaced Tottenham-bound Nuno Espirito Santo in the summer of 2021.
Preserving the club's top flight status will be Wolves' priority after punching above their weight since their return in 2018.
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Back-to-back seventh place finishes were followed by positions of 13th and 10th.
Multiple reports claim Sevilla boss Lopetegui is the preferred candidate to take over at Molineux.
Lopetegui is under pressure at the Spanish club with his side sitting just a point above the relegation zone in LaLiga.
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It has been suggested that he may leave after Sevilla's Champions League clash with Borussia Dortmund.
It is not the first time the Spaniard - formerly Spain's national team manager and briefly Real Madrid head coach - has been linked with a move to the Premier League.
He was one of the many names who were linked with the Tottenham job after Jose Mourinho was sacked.
Sevilla president Jose Castro claimed Lopetegui rejected a 'dizzying' offer from Spurs.
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Coincidentally, former Wolves boss Nuno was the man who got the job, only to be sacked a few months later.