Stelios has been linked with Liverpool, but Allardyce has no intention of selling the Greece international.
Allardyce told The Sun: "We have made Stelios a good offer and he hasn't agreed to it, but he won't be going anywhere this summer.
"There's no point selling him. It's better we keep him for next season.
"He came here on a Bosman, so it's not as though we will be losing anything by keeping him for another season."