Penney, 39, finished the season ranled 6th in the Tissot league of managers behind the likes of Ferguson and Wenger. As an english manager this makes him a hot commodity.
John Ryan has moved to counter any speculation by announcing Dave Penney has signed a new improved contract as a deserved reward for winning the third division championship. Ryan went on to point out that Penney is happy because of the transfer funds made available to him enabling him to compete for a third straight promotion.
On interest from Burnley, Ryan said: "They couldn't afford Dave and certainly won't have as much money to spend next season.
"Burnley have got tradition but that counts for nothing. We have got the money and Dave will be better staying here to achieve his ambitions."
In the same interview given to the Yorkshire Post John Ryan confirmed a £110,000 bid for Yeovil's Gary Williams and the high probability of james Coppinger arriving on a free transfer.