The teenager was cheered on the steps of Bolton Town Hall

The 17-year-old boxing sensation, who won silver in Athens, has so far resisted offers to turn professional.

Bolton Mayor, Cllr Prentice Howarth, said everyone in the town was proud of Khan's achievements.

"Amir will inspire young people in particular, not only in Bolton but everywhere," she said.

You can't buy a house or feed your family with a gold medal Boxing promoter Frank Warren In pictures: Amir's parade

His coach, Mick Jelley, said amateur boxing must pay up or lose him.

"I don't think Amir is going to turn pro - but the powers that be have got to make it viable. "If you are offered �10 a week or �10,000, which would you take?"

But top promoter Frank Warren has urged the boxer to cash in on his fame now, warning him: "You can't buy a house or feed your family with a gold medal."

'Comfortable life'

Khan, however, has reiterated his intent to stay amateur for the next Olympic Games, in Beijing in 2008, and his team has employed sports and commercial agents in a bid to get him some cash.

But they will have to take care with future endorsement deals to avoid a run-in with strict Amateur Boxing Association rules.

Asif Vali, of Elite Sports Management, which represents Khan, said: "Our intention is to make sure Amir can stay in the amateur game with enough funding to lead a comfortable life."

Khan took the silver in Athens after losing 30-22 to Cuban Mario Kindelan in the lightweight final on Sunday.

Mature

The teenager was already the European and world junior champion.

He said: "I'll be stronger and more mature for the next Olympics and hopefully I'll win gold and then have something behind me when I go professional," he said.

Khan's Team GB coach Terry Edwards, who guided him through his Olympics campaign, praised the boxer's decision.

"It is important for him to stay amateur for the next Olympics for the experience," he said.

"He needs more experience and more maturity."