West Bromwich Albion are understood to be keen on signing the 32-year-old striker following their promotion back to the Premier League.
Coates dismissed speculation Stoke could allow Beattie, who was signed for an initial £2m from Sheffield United in January 2009, to go on a free just to get him off their wage bill.
He told The Sentinel: "There is absolutely no chance of that happening. We value him as a player and, if he were to leave, we would expect a sizeable fee.
"Clubs are bound to be interested because he is a goalscorer and they are hard to find. Everyone is looking for them. It is the most difficult job in any football club to fill.
"The fact he is a year older makes no difference. He has never relied on his pace, but he has always had the ability to score. He has lots of football ahead of him."