Inter Milan sporting director Piero Ausilio insists midfielder Fredy Guarin is no longer for sale and will not be joining Chelsea this month.
The Serie A club had been prepared to let Guarin leave during this transfer window and been in contact with a number of clubs, including Chelsea, over a possible deal.
Chelsea are believed to be keen on signing a midfielder, but were not prepared to pay Inter’s £15m asking price.
Ausilio has confirmed the Colombian international will now remain at the San Siro and said: "Guarin is an Inter player and we are happy to keep him.
"Denying the contacts with Chelsea would be denying the evidence. It is a source of pride to talk with them about one of our players, but everything stopped there.
"We are happy Guarin could stay with us for a long time. We don't have the intention to sell him. He's an important player."
Chelsea have been looking at re-signing former midfielder Nemanja Matic, who joined Benfica in 2011 as part of the £25m deal that saw David Luiz go the other way.
Benfica want to raise funds after being knocked out of the Champions League at the group stages, although won’t consider any offers until after their game against rivals Porto on Sunday.
