Wolves chief executive Jez Moxey has called reports that boss Mick McCarthy will be given �10m to spend in January "complete and utter speculation".
Moxey told the club's website: "There is no big pot set aside for January.
"This is yet another case of a headline-grabbing report. It's complete and utter speculation. Our position has always remained the same.
"If the manager feels we need to strengthen and the right player is available, then we will consider it."
Wolves are currently six points clear at the top of the Championship after winning seven and drawing one of their last eight matches.
Their five wins from six games in November have led to Mick McCarthy being nominated - along with Birmingham City's Alex McLeish - for the Championship's manager of the month award.
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