El Shaarawy has been linked with a move to Manchester City with Tevez switching in the opposite direction.
Kevin Prince Boateng is another Milan star reportedly set to move to the Premier League with Chelsea believed to be interested in the Ghanaian.
But Milan vice-president Adriano Galliani insists neither man is expected to leave the San Siro this summer.
"Stephan does not move from AC Milan and we have no offers for Boateng," Galliani told Mediaset.
However, Galliani is still keen to do a deal to bring Tevez to Milan and shrugged off claims that the Argentine is set to move to Juventus instead.
"Tevez is not cheating on me," he added, with reference to the reports of talks with Juventus.