Nuno's side were eliminated in the Europa League quarter-final by Sevilla, bringing an end to a marathon season that has lasted 59 games and 383 days and he now wants to boost the team's strength in depth.
He said: "We need more players to help us, it's a small squad."
Wolves used the fewest players of any Premier League team this season and eight players featured in over 50 games and Nuno wants his squad to be given a break ahead of the new season.
The Portuguese coach said: "It's time to recover. We need to rest, a big break. We should prepare well for next season and make good decisions to allow us to continue growing.
"It is time to reflect and analyse. The team that started the game is the same as the first game of the season. We made mistakes we cannot repeat.
"Let's look at our future and what we need. The club has been amazing. Making good decisions will help us to be stronger."
The defeat means that Wolves will not be playing European football next term and captain Conor Coady is determined to return to the Europa League in the future.
He told BT Sport: "More than ever we want to be back. The competition is amazing and if anyone says otherwise they are wrong.
"We didn't want to make up the numbers and we got to the last eight, which is an incredible achievement for a team that was in the Championship three years ago.
"I am proud of every single person that is involved in this club."