"At the moment no negotiations exist with Chelsea for the return of Andriy Shevchenko to our club," Milan chairman Adriano Galliani said.
Shevchenko left for Chelsea in the English Premier League in May after seven seasons with Milan. He had scored 173 goals in 296 games with the Rossoneri.
The Ukraine striker has struggled since arriving in London, scoring only three goals in the Premier League and none in the Champions League, reports AP.
Milan has also had a tough time without him, and is in 15th place in Serie A.
The reports indicated a possible return by Shevchenko on loan in January, although that would mean he would be ineligible to play Champions League games with Milan.
Milan has already qualified for the next phase of the Champions League.
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