Wolves boss Mick McCarthy claimed on Thursday that a bid had been made, and that the two clubs were "in discussions".
But Wharton says there have been no fresh talks, and that the club hope to keep the 20-year-old.
"Wolves haven't been in touch for some time now and I cannot second guess what they plan to do," he told the Press Association.
"The player is under contract and we're not keen to part.
"Wolves made an offer for Keogh and I had a few conversations with (Wolves chief executive) Jez Moxey about 10 days ago, but we rejected a first and second bid and have heard nothing since."
Moxey insists Wolves manager McCarthy has money to spend this month, despite the club being in talks over a potential takeover.
The club turned down an approach worth £20million from a consortium lead by Graeme Souness, but expect to have new owners sooner rather than later.
In the meantime, current owner Sir Jack Hayward will give McCarthy money to spend on players.
"While all options are being fully explored, which will take time, Sir Jack will continue to support the club and has already pledged some additional funds for the January transfer window," said Moxey.
"The board are delighted with the progress the team is making under the management of McCarthy and will continue to do everything possible to assist him in making the team and the club as successful as possible this season."