The Guardian says Everton maintain a strong interest in Ebanks-Blake, who has contributed 14 goals in 23 appearances this season.
But Wolves boss Mick McCarthy insists: "If you hand-picked quite a number of our players and put them in a reasonable Premier League side they would not embarrass themselves at all. But we are not looking to dismantle the squad we've put together. It would be counter-productive. We are top of the league and trying to win promotion. If anything, we will be adding to the squad if we can in January."