It was claimed on Thursday that Benteke was considering leaving Palace regardless of whether the Eagles retain their Premier League status.
The 26-year-old has scored 14 goals this season since joining for £27million from Liverpool in the summer but has struggled in recent weeks, with just one league goal to his name since the turn of the year.
Benteke had been linked to Paris St Germain in the January window and has also previously been of interest to Chinese Super League clubs, but Allardyce is determined to hold on to Palace’s record signing.
"He has a five-year deal so we'll tell him what he'll do," said Allardyce.
"It's the usual speculation to try and stir the pot, I suppose."
Allardyce added: "He's our player and he'll not dictate what he wants to do or doesn't want to do, as far as I'm concerned. He accepted that contract in good faith.
"If both parties agree then that's a different matter but for me, rumours like that at this stage of the season: I wouldn't have thought he had said that."
Palace will hope Benteke can rediscover his cutting edge on Saturday as they travel to in-form West Brom looking to drag themselves out of the bottom three. Allardyce’s men are 18th on 22 points, just goal difference behind Middlesbrough.