Blackpool captain Adam has been the subject of two rejected transfer bids from Liverpool and Holloway says his captain is still going nowhere.
"He's my player and that is the situation at the moment," Holloway said. "I spoke to Kenny Dalglish the other day and he made an improved offer.
"I talked to the chairman about it and he turned it down. Damien Comolli has now tried to contact Karl but he hasn't returned his calls. He hasn't got to has he? It's pretty rude isn't it but if we run out of time....
"He's under contract. Liverpool want to sign him but they keep saying they don't want to sell Fernando Torres so they obviously know how we feel. I strongly suggest to them, I don't think my chairman will sell him and I don't think we've got enough time to replace Charlie."
Reid, who moved to Sunderland from Charlton for £4 million in January 2008 and made a total of 70 appearances for the club, scoring six goals, has been brought in to bolster a thin squad.
The 28-year-old Ireland international became surplus to requirements under Steve Bruce and followed Paulo da Silva and David Healy out of the Stadium of Light.
Holloway is also eager to sign Rangers striker James Beattie on a loan move until the end of the season.
The 32-year-old, who moved to Ibrox from Stoke in August but has made only seven appearances for the Scottish club, was at Bloomfield Road undergoing a medical on Monday.