The 25-year-old impressed last season despite the Black Cats’ struggle against relegation, and is reportedy keen to leave the club in the near future.
But with Mignolet still contracted to Sunderland for a further two years, Guy Vandersmissen admits the Premier League club are not required to sell one of their star performers.
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"There is a contract so we have to respect the contract. But I don't think at this moment we would be prepared to sign a new contract. When there is a new contract the team can block a player.
"There are another two years on his contract, if they want us to stick to that, we will stick to that and perhaps leave after two years if there is an interest in Simon.
"If they want to make a proposal to Simon, they should come up with a decent proposal and we will then have a look at it."
Vandersmissen revealed that Sunderland were keen to extend Mignolet's deal earlier in the season, but the goalkeeper was hesitant due to the threat of relegation still looming over the club.
"I would say four or five months ago we talked but the situation for Sunderland was not that good," he continued.
"It was not clear that they would have enough quality to stay in the Premiership so it was not the right moment to discuss or sign a new contract because we didn't want to start up in the Championship next season."