Crystal Palace are the club that are said to have lodged a bid for leading goalscorer Ebanks-Blake, but Saunders has admitted that he would find it hard to replace the former Manchester United trainee.
"We've had quite a big bid in for Sylvan and there will be a point where you have to say 'yes' because everyone has his price," Saunders told the Express & Star. "I asked the chairman if we could keep him because you can't replace strikers who are scoring unless you have £3m or £4m.
"So we've turned the offer down and hopefully they don't come back, but I'm not saying they won't."
Meanwhile, Saunders has told potential suitors that he will not let Ward go because he has no other player in his squad that is able to play at left-back.
"As for Wardy, he's the only left-back at the club and there are only two or three left-backs available who I feel could play at this level in our team," he added.
"People forget some of these Premier League players who are out of favour at their clubs are on £40,000-£50,000-a-week. I've had phone calls about Wardy and I've said 'no' all along.
"I'd rather not say who the clubs are in for our players because, if they sign someone else, those players they sign will then know they weren't first choice."
Wolves are currently 18th in the Championship table.