Italian giants AC Milan and Premier League outfit Liverpool have both been linked with the 24-year-old, who is rated as one of the best attacking midfielders in Serie A.
Palermo's struggles this campaign have seen them head into the New Year third from bottom in the league, but Zamparini insists that Ilicic will not be sold.
"We have to strengthen ourselves at this moment and not sell players," he told La Gazzetta dello Sport.
"Palermo will not sell their regular players, only those who have not found space in the team and have not played. Others will arrive in their place.
"Ilicic won't move away from Palermo. He must recover his form. He has gone through a period in which he has not been at the top of his form. Now he is coming back.
"He will stay with us for a couple of years and then we will see."