Interest in Icardi has blossomed recently after the 21-year-old took his Serie A goals tally this season to 14 to sit top of the league scoring charts alongside Juventus marksman Carlos Tevez.
The English media on Sunday republished reports from Italy a day earlier, claiming Chelsea manager Jose Mourinho has been bombarding Icardi with telephone calls and messages in a bid to lure him to the club.
But Inter sporting director Piero Ausilio said Icardi is going nowhere.
"We're building a squad for the future with some top quality young players, among whom is Icardi," Ausilio told Sky Sport when asked about a reported offer from Chelsea of €40 million ($44.8 million).
"We'll be bringing another player in, but we'll also be counting on Icardi in the future. We have no intention of putting him on the market. Icardi's present, and future, is with us."
Inter, who sit eighth in the league, host Fiorentina on Sunday looking to make it four wins from four as Roberto Mancini's side continue their push for European football next season.