The 24-year-old has been a hit since joining the club from Newcastle 18 months ago.
Milner signed a four-year deal when he joined the club.
O’Neill told the Express and Star: “I would say we wouldn’t be looking at people until summertime, but that doesn’t mean that James Milner hasn’t been fantastic for this football club.
“I’ve already spoken to him and we are leaving everything, we’re not going to sit down now.
“The season is far too busy and summertime is the perfect time to talk and I think all parties agree on that too.”
