Claudio Sclosa told Teleradiostereo on Tuesday afternoon: “The news regarding Juventus is untrue.
“Milan first said that they wanted £17m for the player, but now things have changed and it is clear that he will stay.
He added: “The Rossoneri do not intend to sell Gilardino. There was a misunderstanding that was immediately clarified.
“I think that those who say that his season was a negative one are wrong. He scored 12 Serie A goals this year, despite his injury.
“What will happen if Samuel Eto’o arrives from Barcelona? We will wait and see, in any case it is our understanding that Gilardino is not on the market.”