Elmander has been strongly linked with a move to Liverpool in recent weeks.
Coyle said: “Johan is a lovely man, someone I have a lot of time for. Ultimately, if and when – it’s hypothetical at the moment – something came out and he said, ‘I’d like to try that’, I wouldn’t have any problem with it.
“He has been fantastic for me. The relationship I have got with him is great, it is very upfront and we are quite open with each other.
“If in January a top club, a Champions League club, came in for Johan, it would only be natural that he would turn his head at that. It’s only natural in football.
“It’s never going to faze me, I’m not going to get upset about it. Ultimately, Johan has to do the right thing for him and his family.”
He added: “We speak every day. I can’t say we speak about contracts every day because my focus is to ensure he is at his best in games but obviously there was a meeting with the chairman and Johan’s agent. It’s a situation that I’m very comfortable with.
“If Johan decides ultimately to run his contract down to the end of the season then that’s his decision to do that. I don’t have any problem with it.
“Johan has been here for a number of years. On the other side you can say why did you not sign him up a year and a half ago on an extension? I think at that time people would have looked and thought, well, because he was getting criticised and people’s perception might have been that it was folly to do that.
“So as it is Johan is in his last year but I’m comfortable with it, he is giving me everything he has got game to game, he has been brilliant and long may that continue.”
