The 30-year-old, who has 18 months remaining on his current deal, has impressed Eriksson since the Swede`s arrival at the Walkers Stadium in October.
Wellens has reportedly been a target of Premier League club Birmingham, but Eriksson has said he would not consider selling such a key player as he attempts to mastermind a promotion challenge.
"He has one and a half years left on his current contract and, while we haven't offered him a new contract, that is a formality," Eriksson told the Leicester Mercury.
"We don't want to lose him. I think he is very happy here. I don't think he wants to leave. As a club, as far as I know, we haven't heard anything from any club.
"I spoke to the owners and the chief executive on Saturday and I haven't heard anything, and they would tell me."