Gibbs-White joined the Blades on loan at the beginning of the season and has made 16 appearances in the Championship, scoring five goals and providing four assists.
Lage, whose Wolves side beat Paul Heckingbottom's men 3-0 in the FA Cup yesterday, will consider Gibbs-White's future in South Yorkshire in the coming days.
With Wolves given the option to recall him this month, Lage - despite hinting it may take a spate of injuries to bring Gibbs-White back to Molinuex - offered no guarantees on the player's continued involvement in Heckingbottom's squad.
He said: "It's a decision we have time to make.
"We are happy with our wingers, we have plenty of guys who can play there and that is why we have to take the best decision for the club and for the players.
"We have called back a right back and a centre back because we don't have too many players in that position but up front we have.
"That's why every time we need to take the best decision for us and we have time to make the best decision for us and for Morgan in the next days."
Gibbs-White is currently at Wolves receiving treatment for an injury he picked up in last month's win over Fulham.
Lage caught up with the midfielder last week and admitted he was in "good hands" at Sheffield United.
"I'm very happy with him," he added.
"Two days ago I talk with him because he's recovering from injury and I am very happy.
"We think we take the best decision in the beginning, he's playing well. Paul is a great manager and I know him from when he was working at Barnsley, so I know he is in good hands and we will see.
"Everyone has to prove every day they deserve a chance to play. I am very happy with Morgan and Morgan knows that because he heard that from me."