Holland international Huntelaar was expected to leave the Rossoneri and publicly stated he would be keen on a move in order to get regular first-team action.
Everton, Liverpool, Tottenham and Arsenal have all been linked with the Dutch striker.
He said: “I have decided to remain at Milan because there are so many people here with whom I have built a great rapport. And I am happy in this club.”
Flamini, who has been linked with a move to Manchester City, has also insisted he will be staying at AC Milan.
“There are so many clubs that have shown an interest in my services,” the 25-year-old told the club’s official website.
“But for the time being, I am happy here.”
