In the wake of Beckham's recall to the England squad by Steve McClaren, reports have suggested the midfielder could return to the Premiership in November following the conclusion of the MLS season.
Newcastle boss Sam Allardyce has already expressed an interest, while Everton, Tottenham and Blackburn have also been linked with a move.
But Yallop told Sky Sports News: "He won't be going on loan anywhere. He'll be taking a break at that point and getting ready for our pre-season.
"He's shown he's a world-class player, he doesn't need to go back and go on loan anywhere."
Yallop believes Beckham's performances will make it difficult for McClaren to drop him again.
"I think David is going to have such an impact when he joins the squad again it will be difficult to leave him out to be honest," he said.
"We realise David wants to get to the 100-cap plateau and we will never stop him doing that."