The Eagles' boss has played down talks of signing the 22-year-old in the January transfer window, insisting that there are no strong links between his club and any other players
The 49-year-old has also stated that there are currently no deals in the offing at the moment, though there have been efforts to find cover for Kagisho Dikgacoi.
Dikgacoi joins up with South Africa for the African Cup of Nations this month and Holloway has revealed he has not yet found someone to fill the gap, despite reports of talks with Butterfield, who recently rejoined the Canaries after a loan spell with Bolton.
"There is nobody we should be linked with," he told reporters.
"I've made lots of phone calls, which I won't talk about. But there is nobody we are linked with at the moment.
"There are lots of fishing nets going out to see what we can get but we are not ready to trawl them in yet."
Dikgacoi could be absent for up to five weeks, depending on the success of his country. He may miss the south London derby against Charlton on February 2, and as a result his coach joked that he is wishing his player bad luck.
He added: "I've never wished anyone bad luck in my life but I did, because that means we get him back quicker
"I said 'I hope you lose every game'. I shouldn't say that and it is a joke, I suppose, but really we could do without it."