The forward is currently the leading scorer in Ligue 1 with 19 goals and has reportedly attracted the interest of Bayern Munich and Arsenal.
Montpellier currently hold a three-point lead over Paris Saint-Germain at the top of the table, and Nicollin believes the lure of Champions League football may be enough to keep the striker.
"He's a clever guy. One more season at Montpellier, especially in the Champions League, won't stop him from earning more money in the future," the president told RMC.
"It's possible he'll stay. He has a good attitude - really remarkable."
However, Nicollin did admit that he would be tempted to sell Giroud and playmaker Younes Belhanda if the price was right.
"If we're offered a lot of money, Giroud and Belhanda will go," he concluded.
Montpellier are back in Ligue 1 action on Sunday when they face an away trip to Lorient.