The Portuguese boss has overseen only one win this term in that time, a 1-0 home triumph against Southampton, and Wolves fell into the bottom three of the table on Saturday following a 2-0 defeat at West Ham.
While the Molineux club’s plans were undoubtedly hampered by an injury to key summer signing Sasa Kalajdzic, scoring goals has been a long-term issue for them and Lage had been unable to improve matters, with just three scored in the top flight this season.
The former Benfica boss joined Wolves in June 2021 and finished 10th in his first Premier League campaign.
With last season ending on a seven-match winless streak, it means the side earned a single victory in Lage’s last 15 in the league, scoring only eight in that time and more than once in a game on just one occasion.
Wolves chairman Jeff Shi said: “Bruno is an excellent coach, a hardworking and dedicated manager, and a warm, wise and honest man.
“He and his staff have been a pleasure to work with throughout their time at Wolves, so it is with much sadness that we have had to make what has been a difficult decision.
“I honestly have no doubts about Bruno’s ability, and I’m sure he will succeed elsewhere, however the team’s form and performances over the last few months mean that we have no choice but to act.
“On behalf of everyone at Wolves, I would like to place on record our gratitude to Bruno and his coaching team for all their efforts during their time with the club, and wish them the very best for the future.”
Coaches Steve Davis and James Collins will prepare Wolves for their away match against Chelsea next Saturday (8 October).