"I have told Wolves that Freddy is not for sale," Southend chairman Ron Martin told the Southend Echo.
"I have been very consistent on this matter and it doesn't matter how much they bid because we won't be selling him.
"We are aware of Freddy's contract situation and we will be in talks with him very soon about a contract and will be putting a proposal to him.
"It hasn't helped our cause that we got relegated last season because obviously Freddy is ambitious and he wants to play as high as he can.
"But from our point we want to come back up next season and the chances of that happening are far greater with Freddy still here."