The 20-year-old has established himself as a key player at the San Siro and reports have suggested he is a target for Serie A rivals Napoli.
But El Shaarawy's representative Roberto La Florio believes the attacker's importance to Milan will ensure that the Rossoneri are not tempted to accept any offers at the end of the season.
"You ask me if Napoli want to sign El Shaarawy permanently," La Florio told Radio Kiss Kiss. "I must say I know nothing about this approach in this period.
"I've read that something happened in January, but I also checked that Milan refused this proposal.
"If [Napoli president Aurelio] De Laurentiis appreciates him that is a great pleasure.
"But it seems to me that Milan have made an investment. Milan's choice is to let young players grow. In addition to El Shaarawy, there is also [Mattia] De Sciglio.
"Anyway, the market will open in June, even if I think I have understood that Milan haven't got the intention to deprive themselves of El Shaarawy.
"This was showed by the fact that they renewed his deal until 2018."