The newly-promoted Premier League side have made six first-team signings this summer, while also turning four loan agreements into permanent deals.
However, while Wolves do not possess the numbers of some of their rivals, Nuno has indicated that he will make the most of his squad's versatility.
At a press conference, the Portuguese told reporters: "Different characteristics inside our squad, we think and we believe we can use in the right moment, and help the team.
"It is a short squad, because we believe being short gives a chance to do something that I am truly confident the versatility of our players we have are able to do in different positions on the pitch, and this is now the way we work."
Wolves begin the campaign with a home fixture against Everton at Molineux.