The 16-year-old scored against Crystal Palace in a 4-0 demolition last term, and Saddlers boss Paul Merson was rumoured to be interested in the player.
The player's agent, Gino Culbertson, denies the link though.
He said: "We don't know anything about it. We think it appeared on an unofficial site and I think it's just at this time of year you get people who have got nothing to write about football and put these things in.
"I've been with James and as far as we are aware it's totally unfounded. The manager [David Moyes] has been away at Everton and certainly we are not aware of any such arrangement."