The 19-year-old Lyon central defender, who has impressed this season, has a contract with the Ligue 1 club until 2015.
Umtiti said: "I am flattered by the interest of such a big team like Milan but I am playing at a big team in France.
"Milan is exciting because they are building to be great again."
Umtiti, who has represented France from Under-17 to Under-20 level, also admitted that his current focus is on matters at Lyon.
"I want also to finish the season strongly with my club, we are still fighting for that title," he added.
Umtiti had been linked to a number of clubs during the January transfer window and Tottenham Hotspur manager Andre Villas-Boas is reported to have sent club scouts to watch him play in a recent game for France Under-20s against Denmark.