"He's not one we have enquired about," he said to the Herald.
"He played against us for Notts County last season and has been in and around it at Villa recently. I do know the player, but have we enquired about him or are we going to? No we haven't."
The statement could be good news for Nottingham Forest, whose boss Stuart Pearce admitted he had spoken about Grealish during an interview with the Nottingham Post.
Grealish was expected to play a big part at Villa this season, after impressing on a loan spell with Notts County last term, but he has regularly had to watch from the sidelines.
Paul Lambert has seemingly been reluctant to utilise the 19-year-old and, as such, a loan move looks best for all parties.
According to the Mirror, Grealish will move to Forest if Villa complete the signing of Scott Sinclair, but it seems the Championship side face one less potential competitor with Wolves not fighting for the player.