The highly-rated defender, 21, claimed on the weekend that he is eager to play in the Premier League and Europe.
With Wolves having reportedly failed twice in trying to land Maguire, Jackett does not think that the youngster will be arriving at Molineux this summer.
"On the face of it, European football is a dream for all of us," he told the Express & Star.
"One thing it does seem is that he's very much sought after and there's a lot of speculation surrounding him and it does seem as if he's going to move imminently."
Maguire signed his first professional deal at Bramall Lane in 2011 after graduating from the club's youth academy.