The out-of-favour striker said earlier this week that he could move elsewhere next month but his boss insists that the Croatian will see out his contract with the club
The 32-year-old has already confirmed that he will quit the club when his contract expires at the end of the season but stated on Thursday that there is a chance he could depart before then.
However, Heynckes told Goal.com during his press conference ahead of Sunday's clash with Stuttgart that the Croatian forward is going nowhere.
"I will not allow Olic to leave us."
Meanwhile, the Bayern boss confirmed that midfielder Bastian Schweinsteiger, who has been out of action since breaking his clavicle in the Champions League clash with Napoli at the Allianz Arena last month, is back in training.
"We will wait and see whether we can bring him back into the squad against Koln [on December 16]," he revealed.
However, Heynckes admitted that he is not yet sure when Takashi Usami will be ready for more first-team football.
"Usami is a huge talent [but] he still needs to work on his physique," the coach said.
Usami arrived in Munich on a season-long loan from Japanese outfit Gamba Osaka but the 19-year-old midfielder has been restricted to under 45 minutes of football so far this season.