The City boss said: "There has been interest from Premier League clubs and when you see Calum perform like he did at Forest you can understand why.
"Since I have been at the club the lad has been terrific for us. He smells danger and likes defending and I like people who do that. His feet are good but when he has to put it in the stands he is not afraid to do that.
"Being honest, we have had a couple of offers that have been turned down at this moment in time.
"I have got a close relationship with the chairman and chief executive and everyone knows about the financial situation at the club, but there will be no fire sales here because it is not worth it, and any price we take would have to be an acceptable one."
Davenport has included in City's squad to face West Ham.