The 25-year-old has already played for the Clarets, spending a brief spell on loan at Turf Moor in 2005. However, Burnley's recent offer does not comes anywhere near Cardiff's valuation and was swiftly knocked back.
Burnley are looking to secure an immediate return to the Premier League and are aided in their efforts by a healthy chunk of parachute payments following relegation from the top flight.
Whittingham bagged 25 goals for Cardiff last season to top the Championship's scoring chart and earn a place in the division's team of the year.
Dave Jones is desperate to keep hold of his services as the club attempt another promotion bid after their play-off final defeat by Blackpool.