"It has been bandied about that if we get offered £500,000 for Muzzy that we will let him go," said the Foxes boss.
"My answer to that is we might as well keep him for the second half of the year if that's all we're going to get and risk losing him in the summer."
Fellow Midlanders Aston Villa have been linked with a £500,000 move for the Turkey international when the window reopens in six weeks' time.
However, Adams said: "As far as I am concerned I cannot see Muzzy going anywhere in January. It won't even be a question. I shall just turn down any attempts to get him."