Afobe was heavily linked with a move away from Molineux over the summer, with Norwich City said to have bid £10 million for the striker by Sky Sports.
However, Jackett insists that Wolves have no intention of selling the former Arsenal man and want to keep him at the club for the foreseeable future.
"At no time was a price mentioned, i.e. if the club hit this price he would be sold, that was never mention," he said in the Express and Star.
"There’s been no side deal for Benik, i.e. he can go at a certain time if things are not matched or we’re not in the Premier League.
"Ultimately during the term of his contract he’ll hopefully take Wolves to the Premier League and stay there."
Afobe has become a key player since singing on a permanent deal with Wolves last season, scoring 15 goals in his first 26 appearances for the Midlands outfit.
The 21-year-old's pace has proved to be a real weapon for Jackett's side and keeping hold of him was a huge boost, especially with Nouha Dicko out injured for a considerable length of time.
Afobe has netted twice in the opening five matches of the new campaign, but he has been unable to inspire Wolves out of their current slump.
The Championship side have won just once in their last five league matches, and they currently sit in 15th place, five points adrift of the play-offs.