The defender was a target for Leicester City over the summer.
“It was simple, we were never going to sell him," the Clarets chief told the Lancashire Evening Telegraph.
“It's important to keep all of your best players and he's amongst a group of very good players here I think.
“That's the good thing about being where we are at. We haven't got riches beyond compare to throw around but we are strong enough financially to not have to sell players."