The 26-year-old German international has attracted interest from many of Europe's top clubs, including Manchester United, who continue their search for a top midfielder.
However, Heynckes has dismissed the rumours. "Bastian Schweinsteiger is held in high regard at this club," he said.
"A year ago he was playing on the same level as players such as Xavi and Andres Iniesta."
Schweinsteiger, who signed a four-year contract extension last December, has made 249 appearances for the German club.