Zouma was expected to join Chelsea this month, but the move is reportedly in the balance due to St Etienne’s valuation.
St Etienne are looking for more than £18million to part with the 19-year-old, who has also been linked with Manchester United.
St Etienne co-president Roland Romeyer said: “Some clubs have launched a bid for the player, but we will not change our strategy.
“There have been discussions for Zouma with English, Italian and French clubs, but he will not be leaving this month unless we find an agreement with some of the potential buyers.
“If not, he will have to wait until the summer. We are under no obligation to sell.”