The Portuguese came in midway through last season and guided Wolves away from a relegation battle to 16th place in the Premier League.
They finished sandwiched between Manchester United and Tottenham Hotspur.
But so far this summer Wolves have lost their talisman Matheus Cunha to United - he scored 18 goals in 40 appearances last campaign.
They have also lost Rayan Ait-Nouri who signed for Pep Guardiola’s Manchester City.
Wolves have a big summer rebuild ahead of them, and their boss says by the time the start of the season comes around they must have players competing with each other for the shirt.
"The opportunities in the market is something nobody can control,” he said. "We can lose a player that, at this moment in my mind, is a player to stay and help the team.
"I cannot control these kinds of things, but I must have a plan to build the squad.
"I want competition in every position because this is very important, to have the competition inside.
"If you have the competition inside you will be stronger when you face the other teams.
"We need to compete and feel that if you're not at your best level, you will lose your position.
"This is what I want to build for next season, but I really don't know the players that will leave, the players that will stay and the players that need to come.”
After Matt Hobbs’ departure earlier this month, Wolves announced Domenico Teti as the new director of professional football in a restructure.
He along with Pereira will be charged with ensuring Wolves get the players they need. The duo know each other well as they worked together at Saudi Arabian side Al Shabab back in 2024.
They have already made one addition with Fer Lopez joining from Celta Vigo.