Reports ahead of the January transfer window have suggested that Wolves' Mali international winger has become a target for their West Midlands rivals.
Sako has long been linked with a move to the Premier League and will see his current contract at Molineux expire at the end of the season.
An expiring deal has sparked the rumours that a £2million offer in the New Year could be enough to push an agreement through.
Wolves, though, have no intention of selling their seven-goal top scorer, as they mount a promotion push in the Sky Bet Championship, and Jackett says it would take a sizeable bid, from Villa or elsewhere, to see them relax their stance.
He said in the Express and Star: "I don't think we'd be looking at that (letting him go) - we'd like to make sure he's part of things here going forward.
"If the right price is there, it has to be considered. But we'd need a very good offer. We're not trying to instigate anything. We'll deal with it if and when the phone rings.
"We've had no contact from Villa and we'd love to keep Sako because he's been a big part of what we've done here.
"We do value and rate him very highly, and as long as there's open dialogue between the two sides, I think he'll stay settled and focused."
Jackett has also been discussing free agent Tomasz Kuszczak, with the former Manchester United and Brighton & Hove Albion goalkeeper training with Wolves in an effort to earn a permanent deal.
He added: "I'll speak to the powers-that-be and we'll have a conversation with the player and his agent to see how he feels and where he is.
"Tomasz is experienced and has been impressive - he looks good, but we'll work it through to the end of the week before we make a decision.
"We'll see what he wants out of it - he's mainly been a No. 1 goalkeeper."