"It's always a positive when other teams want your players," Mowbray told the WBA website. "It shows they're doing something well.
"But I don't see any reason why we would want to sell our better players.
"We're in a situation where we've got to stick together and work extremely hard to get enough points to ensure we can build again on the current squad next season and try to improve the club - not sell our best players.
"Has there been any more contact from Bolton? No - and James is not for sale. I'm always disappointed when any conversations between clubs come out in the press because it can disrupt footballers.
"Not that it will James because he's a diamond of a lad.
"He knows he's in the right place to develop his career. If his career ever moves on from West Bromwich Albion, it will be at the right time for both his career and our club.
"That moment is not now."