The much-travelled Norwegian's name has been bandied around with a move away from the club but O'Neill is intent on keeping him at Villa Park.
"We want John to stay at the club, he's signed for a couple of years and we want him to stick around," said O'Neill.
"He's very popular with the crowd and that helps his confidence and his goalscoring ratio is now up to where it should be. We want him to stay here, it's as simple as that.
"John had a great season considering he missed three months. For him to come back from his bad back the way he did was fantastic.
"I couldn't be more pleased with him, he's done terrifically well for us."