All perfect praise be to Allaah, The Lord of the Worlds. I testify that there is none worthy of worship except Allaah, and that Muhammad, sallallaahu ‘alayhi wa sallam, is His Slave and Messenger.
The Hadeeth in question was narrated by Al-Bukhari and Muslim in their Saheehs on the authority of Abu Sa‘eed Al-Khudri where the Prophet, sallallaahu ‘alayhi wa sallam, said: "Abu Bakr has favored me much with his property and company. If I were to take a Khaleel (intimate friend) other than my Lord, I would certainly have taken Abu Bakr, but the Islamic brotherhood and friendship are sufficient."
Briefly, the Hadeeth, according to the scholars, means that being a Khaleel requires the heart to be filled with extreme love for such a Khaleel in a manner which leaves no space to love another one (that kind of love). The heart of the Prophet, sallallaahu ‘alayhi wa sallam, was filled with extreme love for Allaah The Almighty in a way which left no space for another one to be loved (that kind of love). Hence, he said: "If I were to take a Khaleel (intimate friend) other than my Lord, I would certainly have taken Abu Bakr, but the Islamic brotherhood and friendship are sufficient."
For further information about the excellence of Abu Bakr see Fataawa 84453, 90882 and ">86517.