Mick Woodward, Kightly's former chairman at Grays Athletic, recently claimed that the 22-year-old will soon make a switch to the Premier League.
However, Wolves chief executive Jez Moxey insists Kightly will remain at Molineux next season as the club look to return to the Premier League.
"I was very surprised by Mick Woodward's comments," Moxey told Wolves' official website. "We've received no enquiries or bids for Michael Kightly.
"Our chairman, Steve Morgan, went on record at the end of April with a clear and unequivocal message, 'our best young players are not for sale'.
"We've got an exciting young team at Molineux and we are building something special and Michael wants to be a part of that.
"We will not allow this kind of rumour and speculation to disrupt our plans."