The Blues have been strongly linked with the Colombian midfielder and it had looked like they were closing on a deal.
Ferreyra stated in December that he had held talks with Chelsea, but nothing has ever been agreed between the two clubs and now he looks set to stay with Inter and says they are looking to sign a new deal.
Reports in Italy claimed Guarin's demands had scuppered a deal, but Ferreyra told FcInternews: "It's false. We have never got offers from Chelsea. We are happy at Inter, even if we don't know what (club president) Erick Thohir's intentions are."
He continued: "It's time that Thohir, [coach, Walter] Mazzarri and Inter's leadership decide what to do with Fredy.
"They must let us know if they want to count on him and, if so, we must discuss the new contract of which we already spoke about last June, but that has not arrived yet because of the club's sale.
"It's a heartbreaking thing not knowing what Thohir wants, because he never talked to us. If Inter really needed to sell Guarin so they could get reinforcements, it would be very sad for the fans because it would not be an ambitious project.
"However, we want to know what the president thinks about my client, because if he considers him the best player of the team he must be valued like this."