Blackpool Football Club have not agreed to sell Matt Phillips in the summer.
It has been reported that the Tangerines will allow the 21-year-old to join Reading when the window reopens, as the Royals look set for a Premier League return.
It has been suggested that a fee of £1million will be enough to land Phillips, but Holloway has dismissed these suggestions and insists he is under no pressure to sell.
“What a load of nonsense,” he told the Blackpool Gazette. "I am delighted we've got him and at the minute he is ours. We are in a good situation with his contract.
“He is a fantastic lad. He is level-headed. He hasn't asked to leave. In the summer he might well have to and we will then make a decision. Hopefully it will suit the club and him.
“And if it doesn't, he won't be going anywhere. If Reading are up and they are going to start buying better players then good luck to them. But it hasn't even happened yet.”
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