The French starlet moved to Italy in 2012 after catching the eye in his homeland with Caen.
Milan saw off fierce competition to take the youngster to Giuseppe Meazza, but have opted against asking too much of the 18-year-old forward so early in his career.
Niang made 24 appearances last season, netting just one goal, and it has been suggested that he could be tempted to move on during the current transfer window in an effort to find regular game time.
The likes of Newcastle United, Genoa and Sampdoria have been credited with holding an interest in the France Under-21 international.
Niang has, however, moved to stem the mounting speculation regarding his future by reiterating his desire to become a key figure for Milan.
He told L'Equipe: "I'm happy at Milan and I want to stay.
"I know what I can give to the team and I don't fear the competition for places.
"I can play as a striker, on the left or right, I'll play wherever coach Massimiliano Allegri needs me.
"I know that I have the qualities to make an impact with this club."