The 18-year-old was one of the many Leeds stars being tipped to be sold off after the club's failure to avoid relegation, but Richmond has denied that Milner will be leaving.
He said: "I can categorically say James Milner is not for sale. James Milner is part and parcel of the affordable future of Leeds football club. He is a young player with a fantastic future.
"We will be selling some of the players that our fans may want us to keep, but those players want to move on anyway, they are too good to play in the First Division.
"Quite clearly we will be keeping who we can at the football club, but this football club has got a £38million wage bill. The average Division One wage bill is £9.5million.
"We will not be doing any panic sales. We will not be going into administration. We are not wealthy, but we are financially secure."