"I've not spoken to West Brom since I was asked about Henri several weeks ago but Henri Camara will not sign for West Brom," McKay told the Express & Star.
"Wolves have a British record fee for a loan on the table at the moment from Celtic and I still see that as the best way out for everybody.
"Henri would have the chance to advance his reputation even further playing in the Champions League and in Scottish football and maybe a year from now, Wolves could get the £6million they think he is worth.
"In the meantime, Henri is adamant that he will not play for Wolves. He has reported for training today but that is in order to get himself fit for action."