Mick McCarthy has insisted Richard Stearman will be staying at Wolves following speculation linking the defender with a switch to Ipswich.
Stearman has established himself as a key part of McCarthy's plans since making the move to Wolves from Leicester in the summer of 2008.
Reports nevertheless surfaced indicating the versatile 23-year-old had attracted the attention of Ipswich manager Paul Jewell and could be on his way out of Molineux.
Wolves played Ipswich at the weekend and McCarthy was given assurances by his opposite number that there was no truth in the stories.
McCarthy maintains that even if there was interest in Stearman he would still not consider selling the defender.
"Stears is an important member of our squad," the manager told Wolves' official website.
"I wouldn't be willing to let him go so that puts that right one out of the water.
"Paul doesn't know how it got in the paper because I do know that if Richard Stearman was of any interest to him then he would have told me.
"He would ring me just like I would ring him."
McCarthy also reiterated that there was not likely to be any transfer activity at Wolves in the near future, a situation he is comfortable with as he has every faith in the players already at his disposal.
"I'm happy with the squad I've got," said McCarthy.
"Unless something gets changed or there's a deal for somebody there's nothing imminent.
"There are still a couple of players available as well.
"I have no frustrations whatsoever and have had fabulous support from Steve (Morgan) and Jez (Moxey).
"The club is going forward - we have spent money, we've got a new stand up soon and a development at the training ground a possibility.
"It's our third season in the Premier League and I can only be delighted with my lot."