The Montenegro forward endured a difficult debut campaign in England, having joined from Fiorentina in a £22million deal in 2013, with injuries limiting him to 16 appearances.
Jovetic has constantly been linked with a move back to Italy, but he has always insisted he is committed to staying at City.
Now Inter chief Ausilio says there is no chance that City are thinking about letting Jovetic leave.
"There is no negotiation for Jovetic," Ausilio confirmed.
"Manchester City bought him only one year ago, paying so much, and now they have no intention of selling him."
Ausilio did confirm that they had an interest in midfielder Yann M'Vila, but not in Barcelona's Alex Song.
"Yann M'Vila? It's an opportunity," he confirmed.
"He has expressed a satisfaction about coming to Inter. If there is the right conditions with Rubin Kazan, we will take him. And Song? There is nothing."